Fruta Del Norte

Lundin Gold Inc.
2015 Annual Information Form

March 14, 2016
Important information about this AIF Contents
This annual information form (AIF) provides important information About this AIF. 1
about Lundin Gold Inc. (Lundin Gold or the Company). About Lundin Gold.. 4
Developments over the Last
Three Years.. 6
This AIF has been prepared in accordance with Canadian securities Lundin Golds Business.. 10
laws. It describes the Companys history and its industry, its The Fruta del Norte Project.. 17
operations, development projects and plans, its Mineral Resources, Mineral Exploration 36
its regulatory environment, the risks the Company faces in its Risk Factors.. 46
Lundin Golds Securities.. 58
business, the market for its shares and its governance, among other Lundin Golds Management 59
things. Legal and Regulatory
Proceedings.. 67
This AIF is dated March 14, 2016. Unless stated otherwise, all of the Material Contracts.. 67
information in this AIF is stated as at December 31, 2015. Names and Interests of
Experts. 68
Additional Information... 69
This AIF incorporates by reference the Companys:
managements discussion and analysis for the year ended December 31, 2015 (2015
MD&A), which is available under the Companys profile on the SEDAR website at
www.sedar.com (SEDAR); and
audited consolidated financial statements for the year ended December 31, 2015 (2015
Financial Statements) which are available on SEDAR.
Financial Information
Unless otherwise specified, all dollar amounts referred to in this AIF are stated in United States
dollars. References to CAD$ mean Canadian dollars.
Financial information is presented in accordance with International Financial Reporting

Standards as issued by the International Accounting Standards Board.
Caution about forward-looking information

This AIF and the documents incorporated by reference include statements and information
about managements expectations for the future. When discussing strategy, plans and future
financial and operating performance or other things that have not yet taken place, management
is making statements considered to be forward-looking information or forward-looking
statements under Canadian securities laws. They are referred to in this AIF as forward-looking
statements.
Forward-looking statements in this AIF:
2015 ANNUAL INFORMATION FORM 1

typically include words and phrases about the future, such as believe, estimate,
anticipate, expect, plan, intend, predict, goal, target, forecast, project, scheduled,
potential, strategy and proposed;
are based on opinions, estimates and expectations of management as of the date such
statements are made, and they are subject to known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievement expressed or implied by such forward-looking statements.
Examples of forward-looking statements included in this AIF are statements relating to:
completion of the feasibility study for the Fruta del Norte Project
exploration and development expenditures and reclamation costs
the negotiation and signing of the investment protection agreement and signing of the
exploitation agreement with the Government of Ecuador
expectations relating to the receipt of regulatory approvals, permits and licenses under
governmental and regulatory regimes
exploration plans
future sources of liquidity
capital expenditures and requirements
expectations of market prices and costs
development, construction and operation of the Fruta del Norte Project
future tax payments and rates
cash flows and their uses
the Companys Mineral Resource estimates.
Lundin Gold's actual results could differ materially from those anticipated. The following risk
factors could cause actual results to differ materially from those projected in the forward-looking
statements:
the ability to arrange financing
the timely receipt of regulatory approvals, permits and licenses
risks related to carrying on business in an emerging market such as possible government
instability and civil turmoil and economic instability
measures required to protect endangered species
deficient or vulnerable title to mining concessions and surface rights
the potential for litigation
volatility in the market price of the Companys shares
the risk to shareholders of dilution from future equity financings
the cost of compliance or failure to comply with applicable laws
difficulty complying with changing government regulations and policies, including without
limitation, compliance with environment, health and safety regulations
illegal mining
uncertainty as to reclamation and decommissioning liabilities
unreliable infrastructure
local opposition to mining
the accuracy of the Mineral Resource estimates for the Fruta del Norte Project
the Companys reliance on one project
volatility in the price of gold
shortages of resources, such as labour, and the dependence on key personnel
the Companys lack of operating history in Ecuador
negative cash flow
the inadequacy of insurance
potential conflicts of interest for the Companys directors who are engaged in similar
businesses
limitations of disclosure and internal controls
the potential influence of the Companys largest shareholders.
In addition, there are risks and hazards associated with the business of gold and silver
exploration, development and mining, including, but not limited to, environmental hazards,
industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold
bullion losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover
these risks). Many of these uncertainties and contingencies can affect the Companys actual
results and could cause actual results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Certain of the risk factors listed above are discussed in more detail later in this AIF in the section
entitled Risks Factors starting on page 46, and in the 2015 MD&A, both of which include a
discussion of material risks that could cause actual results to differ from current expectations.
The Company believes that the expectations reflected in this forward-looking information are
reasonable, but no assurance can be given that these expectations will prove to be correct.
Readers are cautioned not to place undue reliance on forward-looking statements, and the
Company disclaims any obligation to update or revise forward-looking statements if
circumstances or managements beliefs, expectations, or opinions should change, except as
required by law.

About Lundin Gold
Lundin Gold is a Canadian mining company with its head office in In this AIF, the Fruta del Norte
Vancouver, British Columbia. The Company owns the Fruta del Norte Project or FDN means the gold
Project located in southeast Ecuador, which is one of the largest and project located in southeast
Ecuador.
highest grade undeveloped gold projects in the world. Lundin Golds
website address is www.lundingold.com.
Corporate Headquarters Regional Head Office

Lundin Gold Inc. Aurelian Ecuador S.A., a
Suite 2000 subsidiary of Lundin Gold Inc.
885 West Georgia Street Av. Amazonas N37-29 y UNP
Vancouver, B.C. Edificio Eurocenter, Piso 5
V6C 3E8 Quito, Ecuador
Phone: (604) 689-7842 Phone: 593-2-299-6400
Fax: (604) 689-4250
Toll-free: 1-888-689-7842
At the end of 2015, the Company had a total of 173 active employees which were divided among
the Companys business as follows:
7 employees employed by Lundin Gold internationally; and

166 employees employed by its wholly owned subsidiary, Aurelian Ecuador S.A., in
Ecuador.
As of the date of this AIF, none of the Companys employees are unionized.
Lundin Gold is a reporting issuer in the provinces of Alberta, British Columbia and Ontario. The
Shares are listed on the Toronto Stock Exchange (the TSX) and on Nasdaq Stockholm under the
symbol LUG. The Vancouver office of Computershare Investor Services Inc. (Computershare)
acts as the registrar and transfer agent for the Shares. The address for Computershare is 510
Burrard Street, 3rd Floor, Vancouver, B.C. V6C 3B9, and the telephone number is 1-800-564-
6253. The registered and records office of Lundin Gold is located at Blake, Cassels & Graydon
LLP, Suite 2600, 595 Burrard Street, Vancouver, British Columbia V7X 1L3.
The Company was incorporated in British Columbia in 1986 and in 2002 was continued under the
Canada Business Corporations Act. The Company was originally engaged in the information
technology sector. By 2004 the Company undertook a change of business and became a mineral
exploration company. At the same time, the Company changed its name to Fortress Minerals
Corp. The Company was then listed on the TSX Venture Exchange (TSX-V) with the trading

symbol "FST". Subsequent to 2004, the Company became engaged in precious and base-metal
mineral exploration primarily in Russia and also briefly in Mongolia and Nicaragua.
Several years later, the Company wound up its Nicaraguan and Mongolia interests, and then in
2010, the Company disposed of its Russian assets. In October 2012, the Companys listing was
transferred to the NEX board of the TSX Venture Exchange (NEX), and the Shares commenced
trading on NEX under the symbol "FST.H".
In December 2014, the Company undertook a reorganization (the Reorganization) which involved
the acquisition of the Fruta del Norte Project in Ecuador, a major gold development project,
from Kinross Gold Corporation (Kinross), a name change to Lundin Gold Inc., an equity financing,
a convertible debt offering, a graduation from NEX to the TSX and a listing on Nasdaq Stockholm
under the symbol LUG.
The Companys Structure

Lundin Gold conducts its business through a number of subsidiaries, including five active
subsidiaries, as follows:
Aurelian Resources Inc. and Aurelian Resources Corporation Ltd., which own all of the
outstanding shares of Aurelian Ecuador S.A.
Aurelian Ecuador S.A., which is the Companys major operating subsidiary in Ecuador and
the entity that holds the concessions underlying the Fruta del Norte Project.
Ecoaurelian Agricola S.A. which owns certain land rights around the Fruta del Norte
Project (Fruta del Norte or FDN) and is a subsidiary of AurelianEcuador Holding S.A. and
Aurelian Ecuador S.A.
The following is a diagram depicting the corporate structure of Lundin Gold and its subsidiaries
as at December 31, 2015, including the name, jurisdiction of incorporation and proportion of
ownership interest in each.

Lundin Gold Inc.
(Canada)
100%
Aurelian Resources Inc.
(Canada)
100%
Aurelian Resources 0.125%

Corporation Ltd.
(Ontario)
99.875%
Aurelian Ecuador S.A.
(Ecuador) 0.125%
99.875%
99.875% AurelianEcuador Holding S.A.

(Ecuador)
100% Ecoaurelian Agricola S.A. 0.125%

(Ecuador)
Fruta del Norte Project
Developments over the Last Three Years

2013
In September of 2013, Chester See was appointed as Chief Financial
Officer of the Company.
In this AIF, NI 43-101 means
2014 National Instrument 43-101 -
On October 21, 2014 the Company filed a technical report on the Standards of Disclosure for
mineral resource estimate at the Fruta del Norte Project prepared in Mineral Projects, Companion
accordance with NI 43-101 (the FDN Report). The report estimated Policy 43-101CP and Form 43-
101F of the Canadian
Indicated Mineral Resources at 7.26mm oz (23.5mmt at 9.59 g/t Au)
Securities Administrators.
and Inferred Mineral Resources at 2.55mm oz (14.5mmt at 5.46 g/t
Au). The FDN Report is discussed later in this AIF under the heading
The Fruta del Norte Project.
On October 21, 2014 the Company also entered into a share purchase agreement (the Share
Purchase Agreement) to purchase 100% of the issued and outstanding shares of Aurelian
Resources Inc., which holds a 100% interest in FDN, from Kinross (the Acquisition) for total
consideration of $240 million comprising $150 million in cash and 26,156,250 Shares (the Share
Consideration). The Share Consideration totaled $90 million based on an issue price of CAD$4.00
per Share and the noon rate published by the Bank of Canada on December 16, 2014.
While the Government of Ecuador (the GOE) indicated its support for the transaction at the time
the Share Purchase Agreement was entered into, the Acquisition was conditional upon the
entering into bi-lateral agreements by each of the Company and Kinross with the GOE, which
condition was satisfied on December 17, 2014.
The Acquisition was also subject to the granting by the GOE of an 18-month extension period
from the closing of the Acquisition to provide time for the Company to carry out additional
project feasibility work and development negotiations, and the approval of the Shareholders at a
special meeting that was held in mid-December 2014, as well as other customary stock exchange
and regulatory conditions for a transaction of this nature.
In order to fund the Acquisition, the Company brokered a private placement of 50,128,250
subscription receipts issued at a price of CAD$4.00 each, for gross proceeds of approximately
CAD$200 million (the Financing).
Each Subscription Receipt entitled the holder thereof to receive, without payment of any
additional consideration or further action on the part of the holder, and subject to adjustment,
one Share of the Company upon the satisfaction or waiver as applicable, of certain escrow
release conditions, which included among other things, all conditions precedent to the
completion of the Acquisition (the Escrow Release Conditions) having been satisfied on or before
the escrow release deadline.
The Financing closed on November 25, 2014 and the gross proceeds of the Financing were
delivered to and held by Computershare Trust Company of Canada (Computershare Trust), as
escrow agent. The net proceeds were released to the Company upon satisfaction of the Escrow
Release Conditions on December 17, 2014, a portion of which was paid to Kinross to fund the
Acquisition. The remainder of the net proceeds are being used to complete a feasibility study for
FDN, for exploration programs and for working capital purposes.
The Acquisition was approved by Shareholders at a special meeting of Shareholders held in

December 2014. The closing of the Acquisition occurred on December 17, 2014. The Acquisition
constitutes a significant acquisition for the purposes of Part 8 of National Instrument 51-102

Continuous Disclosure Obligations and a business acquisition report on Form 51-102F4 was filed
on March 30, 2015 concerning the Acquisition.
Other matters relating to the Reorganization were also approved by the Shareholders at the
special meeting held in December 2014, including the issuance of Shares pursuant to the terms
of the Financing, the issuance of a non-interest bearing convertible loan note in the principal
amount of $35 million (the Note Offering), the appointment of two new directors to the board of
directors of the Company (the Board), being Paul McRae and Pablo Mir, and the adoption of a
new stock option plan.
Immediately following the completion of the Acquisition, Aurelian Resources Inc. completed the
Note Offering to CD Capital Natural Resources Fund II (Master) L.P. (CD Capital), convertible into
Shares at CAD$4.00 per Share. In exchange for its investment in the Company, CD Capital was
granted the right to appoint a nominee to the Board. An aggregate of 10,060,000 Shares were
issued for these convertible loan notes and are held in escrow.
On December 19, 2014 the Companys Shares commenced trading on the TSX under the trading
symbol LUG and commenced trading on the Main Market of Nasdaq Stockholm under the
trading symbol "LUG" on December 22, 2014.
As part of the Reorganization, the Company also underwent management changes; Lukas Lundin
was appointed Chairman of the Board, and Ron Hochstein was appointed President and Chief
Executive Officer.
2015
The Company made a number of changes to strengthen the depth and expertise of its Board of
Directors and its management team in 2015 and to enhance its governance structure. On the
management side, the Company brought Anthony George, P.Eng., on to the team as Vice
President, Project Development, along with Nicholas Teasdale as Vice President, Exploration.
Later in the year, Nathan Monash was appointed as Vice President, Business Sustainability.
The Board of Directors was also expanded to include Carmel Daniele as a nominee of CD Capital.
Later in the year, Ashley Heppenstall was appointed to the Board and then subsequently
appointed as Lead director. Mr. Heppenstall replaced Mr. Adam Lundin, who resigned as a
director in mid-2015.
The Company also changed its auditor at the start of 2015, with the appointment of
PricewaterhouseCoopers LLP (PwC), due to its extensive international accounting expertise and
strength in Ecuador.
In February 2015, the Company assembled an integrated engineering team for the preparation
of the feasibility study for the Fruta del Norte Project including: Amec Foster Wheeler Americas

Limited, NCL Engineering and Construction SpA, Patterson & Cooke Canada Inc., Klohn Crippen
Berger S.A. and SRK Consulting (Canada) Inc.
Activity in support of the feasibility study commenced immediately in 2015, starting with a
13,902 metre drill program focused on geotechnical, hydrogeology, metallurgical and civil
geotechnical in the areas that are in proximity to the proposed plant and tailings facility.
In June, Lundin Golds wholly owned subsidiary, Aurelian Ecuador S.A., appointed Endeavour
Financial as its financial advisor to provide debt financial advisory services in connection with the
development of the Fruta del Norte Project. In September 2015, the Company appointed
Norton Rose Fulbright Canada LLP as counsel to the Company and its subsidiary, Aurelian
Ecuador S.A., in connection with the anticipated project financing for the Fruta del Norte Project.
During the balance of the year, negotiations with the Government of Ecuador on the exploitation
agreement advanced. The feasibility study for the Fruta del Norte Project also progressed,
including the field work, data analysis, engineering work and metallurgical test work.
Environmental baseline studies, site fieldwork and document preparation in support of the
feasibility study and the submissions in connection with the environment impact assessment
(EIA) also proceeded according to schedule in 2015.
In December, the Government of Ecuador passed legislation (Ley Orgnica de Incentivos para
Asociaciones Pblico Privadas) to extend Value-Added Tax (VAT) recovery to the mining sector.
As a result, VAT paid by the Company after January 1, 2018 will be refunded once the Company
begins to generate export sales. The current rate of VAT in Ecuador is 12%.
Current Year
In January 2016, Lundin Gold and the Government of Ecuador successfully completed the
negotiation of the definitive form of the exploitation agreement (the Definitive EA) for the Fruta
del Norte Project. The Definitive EA, combined with existing laws and regulations, establishes
the fiscal terms and conditions for the development of the Fruta del Norte Project and was
approved by the Government of Ecuador. The key terms of the Definitive EA are discussed later
in this AIF.
Also in January, the Company released the results from its metallurgical test work program for
FDN. Based on the results, the Company confirmed the Gravity Float Leach (GFL) flowsheet for
the Fruta del Norte Project. The metallurgical test programs indicated gold recovery ranging
from 91.7% to 94.2% with approximately 30% on average into dor and the remaining 70% into a
final concentrate that ranges from 136.7 to 240.0 g/t Au (and 169.5 to 234.1 g/t Ag). The results
indicated that the concentrate to be produced is expected to be readily saleable with impurities
at controlled levels.

Lundin Golds Business
Gold Industry Overview1

Demand for gold is built on four main pillars: jewelry, investment holdings for risk management
and capital preservation, central bank holdings and industrial applications.
In 2015 the gold market faced a number of obstacles in the first half of the year, but gold
demand steadied and stabilized in the second half of 2015. Jewelry fabrication continued to be
the largest source of demand but was down approximately 2.3% compared to the previous year.
Although the gold demand in the first half of 2015 was weak, jewelry demand in the second half
of the year represented the second strongest half-year demand since 2004. Jewelry demand
was led by India and China, representing 61% of the total estimated jewelry demand in 2015.
Total net demand was essentially flat, down approximately 0.1% due to declines in industry and
jewelry demand, offset by increases in the net investment and central bank demand.
Investment demand was up 7.7% in 2015, from 26.2 million oz. in 2014 to 28.2 million oz. Total
bar and coin investment was up 1.1% combined with a decline in outflows from exchange traded
funds, from 6.0 million oz. to 4.3 million oz. This is still down significantly from the record
outflows of 31.5 million oz. in 2013.
Central banks made net purchases of 18.9 million oz. of gold in 2015 up 0.8% over 2014 and the
fifth consecutive year of net central bank demand. Economic and geopolitical risks continue to
worry global markets.
The volume of gold used in technology, industrial and dentistry was down in 2015 at 10.6 million
oz. from 11.1 million oz. in 2014. The 4.5% decline stemmed primarily from the trend for
substituting gold with cheaper alternatives and the overall weaker sales in the wireless sector.
Copper and palladium-coated copper have, despite inferior durability, continue to make inroads
in the share of gold in the bonding wire sector. In addition, slowing growth in demand for
smartphones and oversupply in the LED market result in continued declines in electronic usage
of gold. There are some areas of growth, as gold leads the nanotechnology revolution. While
the implications for gold demand are small due to the limited amount of gold used, it is
encouraging that new applications using gold continue to be developed. Demand was down
approximately 1% and 5% in the industrial/decorative applications and the dental sector,
respectively.
The graph below depicts gold demand from 2005 to 2015:
1
Except as otherwise indicated, gold industry data in this section is sourced from GFMS Gold Survey 2015 Q4 Update and Outlook, Thomson
Reuters.
Source: World Gold Council
Gold Supply
Gold production comes from two principal sources: mine supply and recycling scrap supply.
Mine production in 2015 had its slowest annual growth rate since 2008, and recycling scrap
supply declined at 35.1 million oz. from 37.5 in 2014. Annual gold mine production grew by only
1.5 million oz. in 2015 to an estimated production level of 102.4 million oz. Of more interest is
the decline in production in the fourth quarter, where mine production fell 2% over 2014 levels.
This was the first quarterly decline since the third quarter of 2008.
Net producer hedging activity, another component of mine supply, reduced effective mine
supply in 2015 with de-hedging of existing positions amounting to 20.8 million oz. This is not
surprising given the lackluster gold prices towards the end of the year reducing the incentive to
hedge. Another factor which can be seen to directly affect the level of hedging is the growth in
streaming deals. Unlike hedging, streaming deals do not immediately bring gold production to
the market once the deal is agreed.

Source: WorldGold Council
Markets and Outlook

The price of gold has been relatively volatile over the last 10 years. The price of gold averaged
approximately $524/oz. from 2005 through the end of 2006. Beginning in 2006, the price of gold
began to appreciate, reaching a high of $1,900/oz. in 2011. Between 2012 and 2015 the price of
gold depreciated and the average price in 2015 was $1,149/oz.
A chart indicating gold prices since January 1, 2005 is set out below. On October 21, 2014, the
day the Acquisition was announced, the price of gold was $1,249/oz. On December 31, 2014,
the price of gold was $1,199/oz. and the average price for 2014 and 2015 was $1,266/oz. and
$1,149/oz., respectively. On the date of this AIF, the price of gold was $1,235/oz.
In 2015, the overall gold market surplus declined significantly from just over 5.0 million oz. in
2014 to an estimated 180,000 oz. in 2015.
Looking forward, global mine supply is forecast to continue to decline due to lower production at
more mature operations and a lack of new mines coming on stream. On the demand side,
prospects look brighter for 2016. Volatile currency markets should benefit gold in the medium
term. Once there are clear signs of a price recovery, or at least stabilization, investors should
come back to the gold market.

Source: Bloomberg
Mining in Ecuador
Ecuador is a Spanish-speaking democratic republic located in western South America, bordered
by Colombia to the north and Peru to the east and south. It has a population of approximately
16 million people. Since the election of President Correa in 2007, national poverty rates have
been reduced from 38% (pre-Correa) to 22.5% in 2014, with unemployment reduced from 7.7%
in 2006 to 4.3% in 2015 (vs. 5.8% in Chile, 6.6% in Peru, 7.6% in Brazil, 8.6% in Colombia).
Ecuadors real GDP-growth slipped to -0.6% in 2015 primarily due to the slide in the oil price and
the strength of the U.S. dollar. Ecuador adopted the U.S. dollar as its official currency in 2000.
The strength of the U.S. dollar has made Ecuadors exports of bananas, shrimp, cocoa and
flowers less competitive against those of countries such as Colombia and Peru, which have seen
their national currencies depreciate against the U.S. dollar. Ecuador is an OPEC member with
over 50% of national export value and 40% of public sector revenues from petroleum. The
Government continues to prop up the countrys growth by continued high levels of public
spending to stimulate the economy and develop national and social infrastructure.
Ecuador holds South Americas third-largest oil reserves and untapped copper and gold
resources, similar to Chile and Peru (the worlds top producers). Several large international
players have operations or hold concessions in Ecuador, including Repsol, Synopec and Agip,
among others, with the majority of petroleum production coming from the state oil company
(60-70%). The reliance on oil, especially given the recent declines in the oil price, has been cited
by the GOE as a problem, while the increase in mining sector activity is viewed as an avenue for
diversification and a source of foreign direct investment. Over the past year, the GOE has made
significant efforts to encourage foreign direct investment and access to global capital markets,
through various policy reforms.
Ecuadors recent policy focus has been aimed at increasing foreign direct investment, with
emphasis on the mining sector. In 2009, the GOE passed a new mining law which established the
current administrative and legal framework for the mineral sector, including the taxation scheme
with minimum state benefits, royalties, profit sharing and windfall taxes. This infrastructure,
unfortunately, ended up discouraging investment in the mining sector.
Starting in 2012, President Correa's administration has worked to revise the mining laws and
agreements with foreign mining companies and encouraged investment in the mining sector. In
2014, Wood Mackenzie, a global energy, metals and mining research and consultancy group, was
commissioned by the GOE to compare Ecuadors mining policy to those of other prominent Latin
American mining jurisdictions and make recommendations for potential improvements. Its
advice culminated in amendments to the countrys mining laws, which are discussed below.
Under current Ecuadorian mining law, there are three stages of development prior to the
Exploitation stage, each with a maximum statutory period, including:
i) Initial Exploration (48 months);

ii) Advanced Exploration (48 months); and
iii) Economic Evaluation (24 months with potential to extend for an additional 24
months).
During the Economic Evaluation stage, a company may commence the negotiation of an
exploitation agreement in order to obtain an exploitation permit, and it can voluntarily enter into
an investment protection agreement with the GOE. The exploitation agreement defines fiscal
terms, establishes mining rights and title to concessions and sets out the concessionaires and
the GOEs respective obligations. The investment protection agreement is focused on the legal
framework, contractual rights, tax incentives and guarantees.
Lundin Golds Mining Terms
The concessions comprising FDN are currently in the Economic Evaluation stage. During 2015,
Lundin Gold and the GOE worked collaboratively to establish the fiscal terms and conditions for
the development of the Fruta del Norte Project, thereby moving FDN closer to Exploitation. At
the start of 2016, the Company announced that it had completed negotiations with the GOE and
had settled the Definitive EA.

By June 17, 2016, the Company must submit an application to change the Fruta del Norte
Project's official status from Economic Evaluation phase to Exploitation phase (the "Phase
Change Application"). The Company is also required to complete a general work and investment
plan for the Government of Ecuador's approval, which will be based on the results of the
feasibility study. The Company has up to six months subsequent to the approval of the Phase
Change Application to execute the exploitation agreement with the GOE. Once executed, the
exploitation agreement is required to be registered with the Mines Registry and will be made
publicly available on the Company's profile on the SEDAR website maintained by the Canadian
Securities Administrators at www.sedar.com.
The key terms of the Definitive EA are as follows:
Through its wholly owned subsidiary in Ecuador, Lundin Gold has negotiated the right to
develop and produce gold from the Fruta del Norte Project for 25 years, which may be
renewed.
The Company and the GOE have agreed to an advance royalty payment of $65 million,
with $25 million being due upon execution of the exploitation agreement. The balance of
the payment will be due in two equal disbursements on the first and second
anniversaries of the execution of the exploitation agreement.
Lundin Gold has agreed to pay the GOE a royalty equal to 5% of net smelter revenues
from production. The advance royalty payment is deductible against future royalties
payable. It will be deductible against the lesser of 50% of the royalties payable annually
or 20% of the total advance royalty payment.
Extraordinary revenue tax (the Windfall Tax) will be calculated in the event that market
prices exceed a stipulated base price for gold and for silver. The GOE will tax the
difference between net smelter revenue and what revenue would be using the base price
at a rate of 70%. The base price, which will be determined on a monthly basis, will be
equal to the trailing 10-year average of the daily price of gold or silver, escalated by the
U.S. Consumer Price Index, plus one standard deviation.
The Windfall Tax will not apply until the Company has recouped all of the cumulative
investment in the development of the Fruta del Norte Project since its inception plus the
present value of the actual cumulative investment incurred from signing of the
exploitation agreement until the start of production.
The GOE's share of cumulative benefits derived from the Fruta del Norte Project will not
be less than 50% (the Sovereign Adjustment). To the extent that the GOE's cumulative
benefit falls below 50%, the Company will be required to pay an annual sovereign
adjustment. Each year, the benefits to the Company will be calculated as the net present

value of the actual cumulative free cash flows of the Fruta del Norte Project subsequent
to the signing of the exploitation agreement, net of the cumulative investment incurred
in the development of the Project from its inception until the date of the agreement. The
GOE's benefit will be calculated as the present value of cumulative sum of taxes paid
including corporate income taxes, royalties, Windfall Tax, labour profit sharing paid to the
State, non-recoverable VAT, and any previous sovereign adjustment payments.
The GOE and Lundin Gold have agreed on a mechanism for correcting any economic
imbalance to these key terms which are the result of changes in taxes, laws and
regulations as provided under the agreement.
Other Taxes
Below is a summary of the additional payments and taxes expected to be required in connection
with the Fruta del Norte Project under Ecuadorian law.
Applicable Payment or Tax Description

The mining concessionaire will be subject to 22% corporate
Income Tax
income tax on its gross income less deductible costs,
including operating expenses and certain investments and
fiscal charges applicable to revenues and pre-tax profits (see
below), including transfer pricing adjustments.
The mining concessionaire must make a total profit sharing
Profit Sharing Contributions
payment equal to 15% of its pre-tax income, less deductible
costs. Of this amount, 3% is distributed to the
concessionaires employees and 12% is paid to the GOE, to
be used for social investment projects involving health,
education and housing through local organizations in the
area of the Fruta del Norte Project.
Profit sharing payments are a deductible expense for

income tax purposes.

Applicable Payment or Tax Description
The mining concessionaire must pay a 12% value added tax
Value Added Tax
(VAT) on goods and services purchased within Ecuador or
imported from abroad, subject to certain exclusions for
items such as Ecuadorian payroll, fuel, power, food and
medicines.
VAT paid by the Company after January 1, 2018 will be

refunded once the Company begins to generate export
sales.
VAT paid on acquisitions of goods and services that has not

been offset as a tax credit or refunded will be credited
against Sovereign Adjustment liabilities.
Other Taxes The mining concessionaire is also subject to other taxes
common to businesses operating in Ecuador including
customs duties, capital outflow tax, municipal fees and
property tax.
2015 Tax Amendments

The GOE enacted various amendments to Ecuador's income tax laws and regulations, including
the introduction of the taxation of capital gains, under the law titled Organic Law for Production
Incentives and Prevention of Tax Fraud (the 2015 Tax Reform), which enactment became
effective on December 29, 2014.
The 2015 Tax Reform includes provisions for a capital gains tax on the profits derived from the
direct or indirect sale of shares, ownership interests, other rights to capital representation, or
other rights, that allow for exploration, exploitation, concession or similar activities by
companies either domiciled or with permanent establishments in Ecuador.
The Company is in the process of analyzing the potential impact of the application of the 2015
Tax Reform on the Company and its Shareholders. The Company is continuing to work with the
GOE to discuss the implications of and potential amendments to this legislation.
The Fruta del Norte Project

The Company retained RPA Inc. to independently review and audit the Companys Mineral
Resource estimates in accordance with the requirements of NI 43-101. A technical report was
prepared for the Company by RPA Inc. entitled the Technical Report on the Mineral Resource
Estimate, Fruta del Norte Project, Ecuador, dated October 21, 2014 (the FDN Report), a copy of
which is available on the Companys profile on SEDAR. Luke Evans, M.Sc., P.Eng., David Ross,
M.Sc., P.Geo. and Brenna Scholey, P.Eng. are the independent Qualified Persons for the FDN
Report for the purposes of the requirements of NI 43-101.
The following disclosure is summarized from the FDN report and updated by the Company as
required.
Property Description and Location

The Fruta del Norte Project is located in the Cordillera del Cndor region of ZamoraChinchipe
province, southeastern Ecuador. The City of Loja is located approximately 80 kilometres west-
southwest of FDN. The closest community to the deposit is the village of San Antonio, which is
approximately nine kilometres southwest of the Fruta del Norte Project.
Mineral Tenure
Lundin Golds property in Ecuador consists of 33 mining concessions covering an area of
approximately 75,000 hectares. The majority of the concessions form a large contiguous block
that extends from the Rio Nangaritza eastward to the international border with Peru, largely in
the Province of ZamoraChinchipe, with some in MoronaSantiago province. The Fruta del
Norte Project is comprised of three concessions and covers an area of approximately 4,660
hectares located in the Province of ZamoraChinchipe. Concessions are registered in the name
of Aurelian Ecuador S.A., which is the Companys operating subsidiary in Ecuador.

A number of surface rights have been acquired in support of major Project infrastructure items
such as the mine surface buildings, processing plant, tailings storage area, and office and
accommodation facilities. As at December 31, 2015, the surface rights acquired or leased
totaled 44 lots with a total area of approximately 3,960 hectares. An annual lease payment in
the amount of approximately $130,000 is due for the military lease while the rural land taxes for
the remainder of the lots total approximately $41,000 per year. The Company currently
estimates that it will need to acquire additional surface rights covering approximately 65
hectares to satisfy its anticipated requirements for planned Project infrastructure.
The location of the La Zarza concession, which hosts the FDN deposit, is illustrated below:
The El Zarza wildlife refuge located near the concession area, southwest of the FDN deposit, is
part of the National System of Protected Areas (SNAP). The limits of the refuge were defined in
2012 by the Ministry of Environment. FDN is not expected to be impacted by the refuge, as it is
located outside of the refuge boundary.
All of the current concession titles were replaced in accordance with the Sixth Transitional
Provision of the new General Mining Regulations. The substitution of mining concession titles is
an administrative process. Subsequent to the preparation of the FDN Report, all concession
titles have progressed to the Advanced Exploration phase, except for La Zarza which is in the
Economic Evaluation phase.
All reporting and financial obligations required to maintain the concessions in good standing
have been met. These include:
payment of the annual patents. Based on the current status of each concession title, the
annual patent fees are estimated at $1.5 million;
submittal of the annual exploration reports (for exploration concessions) or the biannual
exploitation reports;
biannual royalty payments (for concessions under the exploitation phase); and
compliance with other permit obligations (environmental licenses, water permits, etc.).
A 1% net revenue royalty is payable on production from Lundin Golds mining concessions,
including the La Zarza concession, to a third party. There are no other third party royalties, back-
in rights, payments, or other encumbrances in favour of the Company.
Current environmental liabilities are restricted to reclamation obligations for the Las Peas
camp, portal and decline and to grids, roads, and drill pads established to support exploration
activity.
Advanced Exploration permits for areas in the La Zarza, Colibr, Princesa, and Emperador
concessions require updates in order to allow surface drilling programs to be carried out. These
also include active water use permits.
Accessibility, Climate, Infrastructure and Physiography

The nearest city to FDN is Loja, the fourth largest city in Ecuador, with a population of
approximately 180,000. The Fruta del Norte Project is located approximately 190 road-
kilometres from Loja. The closest serviced town is Los Encuentros, and the closest village is San
Antonio.
Vehicle access from Loja is via a 150 kilometre long paved highway, known as Highway 45, to the
town of Los Encuentros, where Lundin Gold maintains an office supporting its activities in the
region. A 40 kilometre long gravel road connects Los Encuentros to the Fruta del Norte Project.

Loja has daily scheduled air service from the national capital Quito, as well as from Ecuadors
largest city and port Guayaquil. Maintained military airstrips at Zamora and Gualaquiza are
available for use by chartered airplane and rendezvous with helicopters for air access to FDN and
the nearby Las Peas exploration camp. The Las Peas camp is the base for exploration activities
at FDN. The camp includes:
Office and camp facilities including dining and sleeping quarters for 250 people
Southern portal and decline and associated waste storage area
Core storage and sample preparation facilities
Warehousing and maintenance facilities
Waste and water treatment facilities
Helicopter pad and fuel storage
Communications
Medical facilities
Fuel storage
Power to the camp is supplied from the local grid but there is a one megawatt power generator
on site for back-up power. Power for the Fruta del Norte Project is proposed to be supplied from
the national grid. Options include the potential for shared infrastructure with other regional
mining projects. These will be evaluated in the Feasibility Study.
Access to the Fruta del Norte Project site for imported construction materials such as steel and
pipe, and mining and process equipment is best obtained from Puerto Bolivar located about 400
kilometres by road to the west of FDN. Puerto Guayaquil, also located approximately 400
kilometres by road to the west of FDN, is a more modern and better-equipped facility and may
be useful for the importation of select equipment, operating supplies, consumables, or materials
if it proves to be practical for economic or schedule reasons.
As a result of its location near the equator and moderate elevation of 1,450 metres above sea
level (masl), daily average temperatures are fairly constant at approximately 16C. Annual
precipitation is about 3,500 mm. Lower average daily temperatures and higher monthly rainfalls
prevail at higher elevations such as are found on the La Zarza concession. Some exploration
activities may be curtailed for short periods during rain. However, it is expected that any future
mining activity may be conducted year round.
The terrain surrounding the FDN deposit is adequate for all contemplated construction of
administration, camp, mine, plant, tailings, and waste rock disposal facilities. The potential mine
site (process plant, stockpile and mine portal areas) has been designed to be both compact and
environmentally sound.

Ownership History
The La Zarza concession was optioned by Minera Climax del Ecuador (Climax), a subsidiary of
Climax Mining Ltd. of Australia, from Amlatminas S.A. (Amlatminas) in 1997. The option was
terminated in 1998, and the concession reverted to Amlatminas. Aurelian Resources
Corporation Ltd., a private company, purchased the concession from Amlatminas in 2002 and
renamed it the Cordillera del Cndor Project and subsequently vended it into Aurelian
Resources Inc. (Aurelian), a TSX-V listed company in 2003. Kinross acquired 100% of Aurelian via
a corporate takeover in September 2008, and Aurelian was delisted from the TSX in October
2008.
A Mining Mandate, which was passed by the Constitutional Assembly of Ecuador on April 18,
2008, halted all mining-related exploration activity in Ecuador. New mining regulations were
passed in November 2009, and Kinross operations in Ecuador were permitted to restart. Kinross
continued with the advancement of the Fruta del Norte Project through to the feasibility study
stage but elected not to proceed with further development of the Fruta del Norte Project in June
2013.
In December 2014, the Company acquired all of the issued and outstanding shares of Aurelian, a
wholly-owned subsidiary of Kinross, holding a 100% interest in the Fruta del Norte Project.
Exploration History
Modern exploration of the La Zarza concession began in 1996 with reconnaissance sampling by
Climax followed by gridding, geological mapping, stream sediment sampling, regional and infill
soil sampling, rock chip and grab sampling, test pits, trenching, adit channel sampling, Induced
Polarization (IP) geophysical surveying, and 38 drill holes.
Aurelian commenced work in late 2002. During the period 20032005, Aurelian completed
outcrop examination, gridding, geological mapping, regional geochemical stream sediment
sampling, rock chip, channel and grab sampling of outcrop, artisanal workings and trenches, a
magnetometer and IP geophysical survey, and core drilling of prospects.
Exploration activities by Aurelian resulted in the discovery of the BonzaLas Peas deposit in
2004. The work led to a first-time mineral resource estimate by Micon International Limited
(Micon) prepared in accordance with NI 43-101 for the BonzaLas Peas area.
Continued exploration work by Aurelian resulted in the discovery of the Fruta del Norte deposit
in 2006. A first-time mineral resource estimate for the FDN deposit was prepared for Aurelian in
late 2007.
Following its acquisition of Aurelian, Kinross studies on FDN included Mineral Resource updates,
a Pre-feasibility Study (PFS), which was filed on SEDAR, and a Feasibility Study (FS), which was not
publicly disclosed. In addition, Kinross carried out a number of internal studies, including a

Ranking Study to identify optimization opportunities and a Conceptual Mining Study to establish
a production rate and a preliminary production schedule. An advanced exploration program
began in 2013 but was not completed due to Kinrosss decision not to proceed with the Fruta del
Norte Project.
Geological Setting
The FDN deposit is located within a 150 kilometre long copper-gold metallogenic sub-province
located in the Cordillera del Cndor. The mineralization is hosted within Jurassic age volcanic
rocks assigned to the Misahuall Formation. The eastern and western limits of the deposit are
defined by two faults which together form part of the Bonza-Las Peas fault system that is
thought to control the gold-silver mineralization.
Oriented north-south and strike-persistent for up to 80 kilometres, the Las Peas Fault Zone is an
important component of the FDN mineralized system and throughout the Cordillera del Cndor,
as demonstrated by epithermal and lesser mesothermal mineral occurrences and deposits. A
step-over along the predominantly sinistral strike-slip fault zone is believed to have led to the
development of a pull-apart basin wherein the FDN deposit developed at the northeastern
corner. The Surez pull-apart basin is filled with conglomerate-dominated epiclastics,
volcaniclastics, and lesser tuffs and lavas that constitute the Surez Formation, underneath
which the FDN deposit is buried.
The Misahuall Formation is dominated by a thick sequence of light greyish-green to dark green
hornblende-plagioclase-phyric andesites and basaltic andesites, feldspar porphyritic andesitic
intrusives, locally voluminous phreatic breccia zones, and lesser planar intrusions.
Faults defined through drilling at FDN range in width from one metre to more than 14 metres
true width where fault zones consist of multiple closely spaced faults. They comprise tabular to
lenticular zones of foliated and non-foliated assemblages of granular gouge, clay gouge, and
crudely foliated breccia exhibiting various particle sizes, and/or shear fabrics (e.g., foliated
gouge). Locally wider fault zones or panels of damaged wall rock that show fracturing,
brecciation, and associated vein networks occur where individual faults zones become parallel to
each other. The deposit is bounded between sub-parallel strands of the Las Peas Fault Zone
and is truncated by a sub-vertical (east-dipping) West Fault along 1,670 metres of strike length.
The FDN deposit is closed off to the north where the West and East faults converge. The West
Fault forms a distinct hard boundary or grade break defining the western limits of the deposit in
areas of defined mineralization which dips moderately to steeply west, wedging out against the
West Fault down dip. Epithermal mineralization is limited to the east of the West Fault. The pre-
epithermal feldspar porphyry body, located to the east and in the central part of the deposit,
appears to deflect the fault zones in the area of highest grades.

Mineralization
The FDN mineralization is classified as an intermediate sulphidation epithermal deposit based on
the dominant sulphides and reduced fluid chemistry. The mineralization is characterized by
intense, multiphase quartz-sulphidecarbonate stockwork veining and brecciation over broad
widths, typically between 100 m and 150 m wide in the coherent central and northern parts of
the system where the grades are highest. Hydrothermal alteration consists primarily of a silica
(quartz, chalcedony)-illite-pyrite (marcasite)-carbonate mineral assemblage formed by
relatively low acidity fluids.
The bulk of the gold is microscopic and associated with quartz, carbonates, and sulphides. Much
of the gold is free milling, but the mineralization is moderately refractory, with approximately
40% of the gold locked in sulphides. However, coarse visible gold is common. Individual gold
grains range from discrete specks <0.1 mm to broccoli-like arborescent crystals >10 mm
across. Visible gold occurs in all mineralized zones, in quartz or carbonate, as well as within
pyrite or silver sulphosalt clusters.
Exploration
Geological and structural mapping have been completed at regional (1:25,000 scale) to prospect
scale (1:2,000). Map results were used to identify areas of quartz veining, silicification, and
sulphide outcrop that warranted additional work.
Soil, channel, adit, grab, and rock sampling were used to evaluate mineralization potential and
generate drill targets. Approximately 11,000 surface samples have been taken over the Fruta del
Norte Project area to the end of 2015. Surface sampling was used as a first-pass exploration tool
to identify areas of geochemical anomalism; some of these anomalies remain to be followed up.
Ground geophysical programs completed to date include gradient array IP, resistivity, and
dipole-dipole array surveys. Surveys have been used to delineate intrusive rocks, remnantly
magnetized volcanic rocks, faults, basin fill, and pyrite-rich zones at depth.
An airborne geophysical survey was completed in 2012. The survey collected magnetic and
radiometric data at a mean flight height of 30 m using an Astar 350BA helicopter with a fix
mount stinger assembly with a Cesium magnetometer mounted on it. The magnetic data were
collected using a KMAG4 magnetometer and the radiometric data were collected using the RS-
500 Airborne Spectrometer with an RSX-5 detector pack.
An underground exploration program was begun by Kinross, and the decline advanced
approximately 600 m (734 m of total development) prior to Kinross June 2013 decision to cease
activities on the Fruta del Norte Project.

Drilling
Drill campaigns completed between 1997 and 2014 comprised 380 core holes for approximately
152,351 metres completed at FDN and a number of exploration prospects by Kinross and prior
property owners. Of this total, 236 core holes (112,956 metres) were completed at FDN.
A Mining Mandate, which was passed by the Constitutional Assembly of Ecuador on April 18,
2008 halted all major-company activity in Ecuador. Consequently, Kinross drilling activities were
suspended at that time. New mining regulations were passed in November 2009, and drilling
activities were permitted to restart.
In 2011, 3,496 m were drilled around FDN by Kinross. This included a long exploration hole to
test the west side of the West Fault at depth (FN3490e01 1,096 m), seven geotechnical holes
(1,044 m) to test the South Portal area, and three holes (FN 3835d01, FN3835d02, FN4150d01
1,356 m) to test the north strike extension of FDN. In 2012, four holes were completed to test
targets at the FDN deposit and six holes were completed on the Sachavaca concession.
Drill programs have been completed primarily by contract drill crew, supervised by geological
staff of the Fruta del Norte Project operator at the time.
Deposit Drilling
The deposit was systematically drilled out on 50 m to 100 m sections between lines 2500N and
3900N. The grade and mineralization intensity characteristics clearly delineated zones of high-
grade and high-tonnage mineralization in the north versus more disperse albeit locally high-
grade mineralization in the south.
Infill drilling on 50 metre centres was focused over 350 m of strike between 3300N and 3600N.
The drilling tactic typically involved fan drilling from the pad collar to facilitate between 50 m and
25 m infill before stepping out across strike to define the up or down-dip geometry.
Even though the majority of Aurelian core holes are drilled with an easterly (approximately 90)
azimuth and the dominant dip of the mineralized system is west, no single method or
percentage adequately describes the complex relationship between down hole (core) length and
the true width of the intersected mineralized zones. Drill hole inclinations vary significantly
(from -45 to -84) and the mineralized zones have variable dips from moderate to steep
westerly to steep easterly dips. Therefore, most holes intersect the zones at an angle, and the
drill hole intercept widths reported for the Fruta del Norte Project are greater than true widths.
For the majority of the Aurelian drilling, recovery was typically very good in the 95% to 100%
range and commonly exceeded 98%. Occasionally, recovery appeared to exceed 100% but this is
probably due to difficulty in measurement of gouge intervals, rather than downhole caving.
Recoveries for the Kinross drill programs have generally returned recoveries of 98% to 100% for
all rock types other than overburden, which had lower recoveries.

Geotechnical Drilling
For the purposes of identifying potentially suitable locations for mine infrastructure, hinging on
rock mass characteristics and ground water conditions, two geomechanical drilling campaigns
were conducted in various areas. The objectives of the investigations were to provide a
geotechnical model of the FDN mine block and surrounding infrastructure and recommendations
on stope geometries, mine sequencing, and geotechnical issues to support the PFS and FS.
Metallurgical Sampling Programs

Between January and March 2010, a total of six HQ core holes were completed to obtain sample
material for metallurgical testing (drill holes CP-09-241 to 245 and FN3650m01). From June until
August 2010, three PQ holes were drilled from west to east to provide intact large diameter core
in all mineralized domains in a range of grades and elevations (drill holes FN3600p01 to 03). The
mineralized intervals were analyzed for gold and multi-element analyses using similar methods.
RPA Comments on Drilling Programs

In RPAs opinion, the quantity and quality of the lithological, geotechnical, collar, and downhole
survey data collected in the Aurelian and Kinross exploration and infill drill programs in the
period 2006 to 2010 are sufficient to support Mineral Resource estimation. RPA specifically
notes that:
core logging met industry standards for gold and silver exploration;
collar surveys were performed using industry-standard instrumentation;
downhole surveys by Aurelian were performed using industry-standard instrumentation. The
acid tube down hole surveying method used for some Climax drill holes does not provide
azimuth information;
recovery data from core drill programs were acceptable;
geotechnical logging of drill core met industry standards for planned underground
operations;
drilling was normally perpendicular to the strike of the mineralization. Drill intercept widths
were typically greater than true widths;
drill orientations for FDN were generally appropriate for the mineralization style, and have
been drilled at orientations that are optimal for the orientation of mineralization for the bulk
of the deposit area;
no Climax-era drilling was used to support Mineral Resource or Mineral Reserve estimation;
and
a minor amount of drilling completed since the current resource database was finalized
would not have a significant impact on the Mineral Resource estimate.
Sample Preparation, Analyses and Security

RPA reviewed the sample preparation, analyses and security aspects of the drill programs and
concluded that they met industry standard practices and were appropriate for the Fruta del
Norte Project. No sample preparation was conducted by Aurelian or Kinross personnel. All
laboratories used were independent of Aurelian and Kinross. RPA concluded methods were
appropriate for the deposit and for the purpose of estimating Mineral Resources.
Sampling Method and Approach

Drill core was delivered to the camp where it was labelled, photographed, logged, and sampled
under the supervision of company geologists. Data recorded on log sheets included: rock quality
designation, hardness estimates, structure, lithology, texture, alteration, mineral assemblage,
visual estimate of visible gold abundance and intensity, and level of oxidation/weathering.
Logging sheets also recorded basic drill hole data including collar coordinates, downhole survey
data, core size depths, drilling dates, and sample number series. Occurrences of visible gold
were marked on the core using wax crayons.
After the geologist marked out the sample intervals, drill core was split along its long axis using
an electrically-powered bench saw. Areas of very soft rock were cut with a machete and sections
of very broken core were sampled using spoons. The following standard sampling procedures
were employed:
the right hand side of the core was always sampled;

after cutting, half the core was placed in a new plastic sample bag and half was
returned to the core box;
between each sample, the core saw and sampling table areas were washed to ensure
there was no contamination between samples;
after cutting samples containing visible gold, a piece of quartz sandstone was partially
cut to clean the diamond blade;
samples were clearly and securely bagged and tagged and quality control (QC)
samples inserted into the sequence; and
batches of approximately ten samples were bagged into labeled poly-weave sacks for
shipment.
Most data was originally recorded on hardcopy. Technicians later enter the following in a
database: sample numbers, sequences, intervals, QA/QC data and other geological information
such as collar information, depth of drill-size reduction, dates and drill company details. Once the
data has been entered, it is validated against original hard copies. After validating input data,
geological assistants are also obliged to sign a statement confirming the data have been checked
and are correct. Basic database checks were also carried out by the database administrator.
Sample Preparation
Samples from the FDN drilling program were assayed by ALS Chemex Laboratories (ALS Chemex)
and Inspectorate Services (Inspectorate), each of which maintains sample preparation facilities in
Quito. ALS Chemex was used to analyze samples at its Vancouver, British Columbia, Canada and
Lima, Peru laboratories. Inspectorate performs its analyses in its laboratory located in Lima,
Peru. Both laboratories are ISO 9001 accredited. The sample preparation protocols used varied
over the course of the drilling program. The various procedures used are summarized below.
Drilling at FDN started with drill hole CP-06-49. Drill hole CP-06-51 is considered the FDN
discovery hole as this was the first intercept of economic widths and grades of mineralization.
Sample preparation: ALS Chemex Quito Hole CP-06-49 to CP-06-53 (Upper Part)
Oven dry the sample on steel trays.
Crush entire sample to better than 70% passing 2 mm (10 mesh).
Riffle split 250 g.
Pulverise the 250 g split to better than 85% passing 75 m (200 mesh).
110 g pulps sent (via DHL courier) to Vancouver for analysis.
After drill hole CP-06-53, the primary laboratory was changed to Inspectorate, on the
promise of faster sample turnaround time.
Sample preparation: Inspectorate Services Quito - Hole CP-06-53 (Lower Part) to CP-06-56
Oven dry the sample on steel trays.
Riffle split 1,000 g.
Pulverise 1,000 g split to better than 90% passing 100 m (150 mesh).
Clean sand flushes between each pulverization.
100 g pulps sent (via TNT courier) in Kraft bags to Peru for analysis.
As a result of continued slow assay turnaround times at Inspectorate, ALS Chemex was again
selected as the primary laboratory. Due to the amount of visible gold observed in drill core, the
preparation procedure was changed to include the pulverizing of larger splits after the crushing
stage. Quartz flushes were requested between samples.
Sample preparation: ALS Chemex Quito - Hole CP-06-57 to End of 2014

Oven dry samples on steel trays.
Riffle split 1,000 g.
Pulverise 1,000 g split to better than 85% passing 75 m (200 mesh).
Clean pulverizers with quartz flush between samples.
110 g or 200 g pulps sent (via DHL) in Kraft bags to Vancouver until hole CP-07-92 and
from hole CP-07-93 to the present to Lima for analysis (the pulp weight sent was
increased part way through the program to improve assay turnaround time should re-
assays be required).
All remaining coarse reject and pulps are stored in ALS Chemex installations.
Compressed air guns used to clean the crushers and pulverisers between each
sample.

Sample Analysis
As with the sample preparation, the assaying protocols used have varied over the course of the
drilling program. The procedures used are summarized below.
ALS Chemex Vancouver - Hole CP-06-49 to CP-06-53 (Upper Part)

Gold was determined by 30 g fire assay with an inductively coupled plasma atomic
emission spectroscopy (ICP-AES) finish (method code AU-ICP21, assay range 0.001 to
10 g/t Au).
If gold assays greater than 10 g/t were detected, then over-limit re-assays were
completed using a 50 g fire assay with a gravimetric finish (method code AU-GRA22,
assay range from 0.05 g/t Au to 1,000 g/t Au).
Multi-element analysis was performed using a 34 element package (including silver)
with an aqua regia acid digestion and ICP-AES finish (method code ME-ICP41, silver
assay range from 0.2 g/t to 100 g/t). Over-limit re-assays were run for silver, zinc,
lead, and copper if silver was greater than 100 ppm, Zn greater than 10,000 ppm, Pb
greater than 10,000 ppm, and Cu greater than 10,000 ppm. Over-limits were
completed using an aqua regia acid digestion and atomic absorption spectroscopy
(AAS) finish (silver assay range from 1 ppm to 1,500 ppm).
Inspectorate Lima - Holes CP-06-53 (Lower Part) to CP-06-56

Gold was determined by 50 g fire assay with an AAS finish (method Au FA/AAS 50 g,
assay range from 0.005 g/t Au to 5 g/t Au). If the gold assay was greater than 5 g/t,
then over-limit re-assays were completed using a 50 g fire assay with a gravimetric
finish (assay range from 0.01 g/t Au to 1,000 g/t Au).
Multi-element analysis was completed using a 32 element package (including silver)
with an aqua regia acid digestion and ICP-AES finish (method ICP-AES 32, silver assay
range from 0.2 g/t to 200 g/t).
ALS Chemex Vancouver - Holes CP-06-57 to CP-06-92

Gold was determined by 50 g fire assay with an ICP-AES finish (method code AU-
ICP22, assay range 0.001 g/t Au to 10 g/t Au). If the gold assay was greater than 10
g/t, then over-limit re-assays were completed using a 50 g fire assay with a
gravimetric finish (method AU-GRA22, assay range from 0.05 g/t Au to 1,000 g/t Au).
assay range from 0.2 ppm to 100 ppm). For sample results with Ag greater than 100
ppm, Zn greater than 10,000 ppm, Pb greater than 10,000 ppm, and Cu greater than
10,000 ppm, over-limit re-assays were completed using aqua regia acid digestion and
an AAS finish (silver assay range from 1 ppm to 1,500 ppm).

ALS Chemex Lima Holes CP-06-93 to CP-08-236
Gold was determined by 50 g fire assay with an ICP-AES finish (method code AU-
ICP22, assay range from 0.001 g/t Au to 10 g/t Au). If the gold assay was greater than
10 g/t, then over-limit re-assays were completed using a 50 g fire assay with a
ppm, Zn greater than 10,000 ppm, Pb greater than 10,000 ppm, and Cu greater than
10,000 ppm, over-limit re-assays were completed using aqua regia acid digestion and
an AAS finish (silver assay range from 1 ppm to 1,500 ppm).
ALS Chemex Lima Holes CP-09-237 to 2014

Gold was determined by 50 g fire assay with an AAS finish (method code AU-AA24,
assay range from 0.005 g/t Au to 10 g/t Au). If gold assays greater than 10 g/t were
detected, then over-limit re-assays were completed using a 50 g fire assay with a
ppm, over-limit re-assays were completed using aqua regia acid digestion and an AAS
finish (silver assay range from 1 ppm to 1,500 ppm). For holes CP-09-237, CP-09-238,
CP-09-239, and CP-09-240, if Zn was greater than 10,000 ppm, Pb greater than
10,000 ppm, and Cu greater than 10,000 ppm, over-limit re-assays were completed
using aqua regia acid digestion and an AAS finish. For the other holes, the upper limit
was used as a value in the database.
Bulk Density Measurements

After the core was sampled, intervals of solid core (20 cm to 10 cm in length) were selected for
bulk density determinations. Measurements were made from every hole at an interval rate of
approximately 50 m in unmineralized rock and every 20 m in the mineralized system. The
procedure used was the Marcy Method, where the sample is dried, weighed, waxed, and then
weighed in water.
Rock density is relatively constant within specific lithologies and shows only minimal variation
between different lithological groups with the relatively small difference of 0.5 t/m3 between the
lowest density of 2.4 t/m3 and highest density of 2.9 t/m3.
Quality Assurance and Quality Control

QA/QC programs provide confidence in the resource database and help ensure that the
database is reliable for resource estimation purposes. Programs include measures and

procedures to monitor the precision and accuracy at each stage of the sampling and analysis
process and to monitor for possible sources of contamination.
Aurelian implemented a thorough QA/QC program that included the regular insertion of blank
samples, certified reference material (CRM), field and reject duplicates and pulp check assaying
at a secondary external laboratory, Inspectorate Laboratory, Peru. Aurelian increased its initial
1:25 (4%) insertion rate to approximately 1:20 (5%) later in the drilling program. Kinross
reverted back to approximately a 1:25 (4%) insertion rate.
Blanks
The regular submission of blank material is used to assess contamination during sample
preparation and to identify sample numbering errors. Earlier drill programs sourced blank
material from Hollin Formation sands located near Emperador. More recent programs used
Hollin rock sourced from an outcrop north of FDN.
A total of 1,478 blanks were inserted in the first 85 drill holes at FDN (CP-06-49 to CP-07-139).
Of these, 21 blanks (1.4%) returned values greater than 0.08 g/t Au and two returned values
over 1 g/t Au (from holes CP-06-51 and 57). The maximum value received for a blank is 1.62 g/t
Au. The anomalous assay values are interpreted to have been caused either by contamination at
the laboratory or by a sample switch. After drill hole CP-06-58, Aurelian changed the sample
preparation procedure so that quartz washes are performed in order to clean the crusher
between sample processing.
Blank assays that exceed ten times the detection limit are determined to have fallen into the
criterion which shows possible contamination and/or sample switches. Batch re-analysis rarely
resulted in changes to assay data and the sources of errors were quickly confined to either
sample switching or contamination. Out of 682 blanks assayed, eight samples were considered
to be contaminated with a maximum assay value of 0.212 g/t Au and five blanks were deemed to
be affected either by contamination or of sample mixing with a high assay value of 12.7 g/t Au.
In all cases where spurious sample results were returned, the entire assay batch was re-analyzed
in the 2006-2008 campaigns and ten sequential samples both above and below the outlier in the
2009-2010 campaign. During the infill program of 2010, sequential blank failures detected one
possibly contaminated batch of 25 samples in a high grade interval in drill hole FN3300d05.
Repeated analyses under strict cleaning procedures have confirmed the original high assays.
From 2009 until 2014, ALS Chemex is considered to have provided adequate preparation and
assay procedures. However, more care is required during sample registry where five probable
cases of sample switching have been identified. At 0.7%, this represents only a small percentage
of the entire assay data set.

Certified Reference Materials
Results from the regular submission of CRMs are used to identify the accuracy of specific sample
batches and long-term biases associated with the regular assay laboratory. Repeated analysis of
that same standard reference material will also demonstrate the degree of analytical precision or
its drift over time. Precision testing involves replicate analysis of the certified standard as blind
unknowns at a specified sampling frequency. The grade of the CRM to be inserted is selected by
the logging geologist based on the expected grade range of the surrounding core samples.
Prior to the drilling moratorium in 2008, CRMs were inserted at a rate of one in 20 regular
samples. Subsequent to the moratorium, the insertion rate was one CRM every 25 samples.
CRMs were sulphide matrix material with certified Au, Ag, or combined Au-Ag values and were
produced by Rocklabs of New Zealand. Twenty different CRMs were used, with expected grades
ranging from 0.8 g/t Au to 30 g/t Au. Kinross monitored results with a series of control charts.
Umpire Analysis Check Assays

One in ten of all pulp samples dispatched from FDN since drilling restarted in 2009 were selected
for re-analysis by Inspectorate Labs of Lima, Peru (for a total of 725 samples). The same QA/QC
protocol for blank and standards insertions was used. Results from Inspectorate tended to yield
lower values as compared to ALS Chemex (2%, excluding the two highest grade standards
inserted), however, the differences were deemed to be insignificant and no changes were made
to the original database.
Chain of Custody and Security

Once sealed, core boxes were transported from the drill to Las Peas exploration camp. At the
camp, core was checked by geologists and stored in the core shed during the logging and
sampling process. Sample bags were sealed in plastic bags and rice sacks using single-use plastic
cable ties and then stored in a locked shed until shipment. The Las Peas camp had 24 hour
security, which included monitoring activities in the core shed area. Samples were then
transported overland by a company driver in a light truck directly to Quito where the custody of
the samples was transferred to laboratory personnel. Signatures for responsible parties were
required at every step of the process and records were archived at the Las Peas camp.
Digital laboratory data was distributed to project managers and the resource database
administrator via electronic mail. That data was manually uploaded to the database where it
was automatically merged with the appropriate sample data. The resource database system
required users to be logged on to the system. Each user was assigned privileges that were
dependent on their duties.
Field and Coarse Reject Duplicate samples

Field duplicates assess the variability introduced by selecting one half of the drill core versus the
other, sampling disordering, and the nugget effect. Field duplicates consisted of two quarter-
cores sampled from one sample interval and the remaining half core was retained for reference

purposes. The coarse reject duplicate samples consisted of a second pulp made from leftover
coarse reject material from the primary crushing stage. Results from the reject duplicate QC
program were used to determine if the splitting procedures were applied consistently and were
appropriate. Of the two duplicate sample types, field duplicates were prepared and numbered
at the FDN core facility. Second split reject samples must be requested and prepared by the
assaying company.
In its report, RPA recommended that the entire other half of the drill core be submitted so that
both samples have the same original volume and therefore results will better reflect the local-
grade variance.
Scatter plots for field duplicates and reject duplicates show a strong correlation of 0.96 and 0.99,
respectively, and indicate a high level of confidence in laboratory practices.
RPA concluded that the QA/QC results confirm that the gold and silver assays have achieved an
acceptable level of precision and accuracy. It found that QA/QC program as designed and
implemented by Aurelian and Kinross was adequate and the assay results within the database
are suitable for use in preparation of a Mineral Resource estimate.
Data Verification
A significant portion of the database verification was performed by Scott Wilson Roscoe Postle
Associates Inc. (Scott Wilson RPA), a predecessor company to RPA, during an audit of the
December 31, 2009 Mineral Resource and Mineral Reserve estimates.
Data verification activities carried out by Scott Wilson RPA included a detailed review of the
standard operating protocols, the drill hole spacing, the core diameter used, how the final collar
coordinates were determined, the downhole surveying procedures, the drill core logging
protocols, the core recovery, collection of the bulk density data, the sample layout, sample
preparation and sample security procedures, and the QA/QC protocols.
In June 2014, Kinross provided RPA a Dassault Systmes GEOVIA GEMS (GEMS) project
containing updated drill hole database, core recovery, and density measurement files in digital
format. To reclaim the benefit of the previous data verification work related to the 2010 audit,
RPA compared the updated database provided in June 2014 to the database used for the
December 31, 2009 Mineral Resource and Mineral Reserve estimate. No significant
discrepancies were identified.
Site Visit and Core Review

During its site visit, RPA reviewed drill core from numerous boreholes and compared
observations with assay results and descriptive log records made by Aurelian and Kinross
geologists. In addition to reviewing core, RPA examined outcrops, drill rigs, sampling
procedures, and other general exploration protocols.

RPA was of the opinion that database verification procedures for the Fruta del Norte Project
comply with industry standards and are adequate for the purposes of Mineral Resource
estimation.
Mineral Resource Estimate

In 2014 Kinross provided RPA with a GEMS project that included the drill hole database,
wireframes of the domain boundaries, and a complete block model. RPA reviewed all aspects of
the resource model, made some minor adjustments, calculated an updated cut-off grade, and
reported Mineral Resources.
Mineral Resources for the FDN deposit were estimated using drill hole data available to October
21, 2014 and are summarized in the table below. At a cut-off grade of 3.4 g/t Au, Indicated
Mineral Resources are estimated to total 23.5 million tonnes at an average grade of 9.59 g/t Au
and 12.9 g/t Ag for a total of 7.26 million ounces of gold and 9.73 million ounces of silver.
Inferred Mineral Resources are estimated to total 14.5 million tonnes at an average grade of
5.46 g/t Au and 2.55 g/t Ag for a total of 2.55 million ounces of gold and 5.27 million ounces of
silver. The Mineral Resources are contained within four main geological domains. There are no
Mineral Reserves currently estimated on the Fruta del Norte Project.
Summary of Mineral Resources
Tonnage Grade Contained Metal Grade Contained Metal

Category
(M t) (g/t Au) (M oz Au) (g/t Ag) (M oz Ag)
Indicated 23.5 9.59 7.26 12.9 9.73
Inferred 14.5 5.46 2.55 11.3 5.27
Notes:
(1) CIM definitions were followed for the classification of Mineral Resources.
(2) Mineral Resources are estimated at a cut-off grade of 3.4 g/t Au.
(3) The cut-off grade was calculated using a long-term gold price of $1,400 per ounce.
(4) The Mineral Resource estimate uses drill hole data available as of October 21, 2014.
(5) Bulk density ranges from 2.62 t/m3 to 2.73 t/m3.
(6) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
(7) Numbers may not add due to rounding.
Recommendations
RPA recommended that the Company proceed to an advanced engineering study (Pre-Feasibility
or Feasibility Study) on the Fruta del Norte Project and that permitting activities and completion
of the decline and underground deposit definition drilling program also be advanced.
Exploration for additional gold-silver deposits can also be accomplished by surface-based drilling
programs. RPA was of the opinion that a budget of $49.5 million over the next 16 to 18 months
is appropriate and warranted.

Metallurgical Testing
During 2015, Lundin Gold completed its first comprehensive metallurgical testwork program.
Samples were collected from a dedicated drilling program at the Fruta del Norte Project spatially
representing the orebody with five drill holes. The metallurgical testwork progressed through a
sequential flowsheet consisting of a gravity, flotation and cyanide leach (GFL) recovery circuits
and consisted of a variability program and a composite program, both of which were carried out
at the SGS Telcahuano Laboratory in Santiago, Chile under the supervision of Amec Foster
Wheeler.
The variability program consisted of testing 25 variability samples which were chosen to
represent the deposit, and cover a range of grades of gold, silver, sulphur, mercury and arsenic.
The composite samples were selected to cover the first three years, the mid years and the latter
years of mine production based on a preliminary mine plan. Based on the results of the
metallurgical program, the Company confirmed the Gravity Float Leach (GFL) flowsheet for the
Fruta del Norte Project. Gold recovery ranges from 91.7% to 94.2% with approximately 30% on
average into dor and the remaining 70% into a final concentrate that ranges from 136.7 to
240.0 g/t Au (and 169.5 to 234.1 g/t Ag). In addition, these initial results indicated that the
concentrate produced will be readily saleable with impurities at controlled levels. Further
testwork is being conducted in 2016 as the Company prepares its Feasibility Study.
The global recoveries for gold from the variability program ranges from 82.4% to 97.8% with the
90th percentile of results from the 25 variability samples above 89.1% and the average recovery
of 92% (representative results in Table 1). The composite global recoveries for the program
ranged between 91.7% to 94.2%, as presented in Table 2.
The GFL flowsheet has proven to be robust to recover the variable range of the gravity, flotation
and leach results in the variability program as illustrated in Table 3.
Table 1: Representative Results from the Metallurgical Variability Program
Continuous Length
Au Head Grade (g/t) (m) Au Recovery (%)
12.6 14 97.8
27.5 15 95.7
71.5 14 93.7
6.4 14 91.6
11.8 14 94.0

Table 2: Results from the Metallurgical Composite Program
Au Head Grade Open Cycle Au Lock Cycle Au Concentrate Grade

(g/t) Recoveries (%) Recoveries (%) (g/t)
Comp 1 at 12.1 95.1 94.2 136.7
Comp 2 at 9.6 92.8 91.7 240.0
Comp 3 at 17.4 95.0 93.7 214.6
Table 3: Staged Recovery from Gravity Flotation and Leach
Gravity Flotation Leach
Minimum 7.7 45.7 3.0
Maximum 37.9 76.6 23.2
Average 18.9 62.0 10.1
Mr. Tony Lipiec, P.Eng., Principal Metallurgical Engineer with Amec Foster Wheeler Americas
Limited and a Qualified Person under National Instrument 43-101, supervised the preparation of
the metallurgical information contained in this AIF. Mr. Lipiec supervised Amec Foster Wheeler
staff who verified the metallurgical data by reviewing all available data and work completed by
the SGS Telcahuano Lab as part of the above described program. No limitations were imposed
on this review process.
2016 Development Activities

The Company plans to complete its feasibility study for the Fruta del Norte Project during the
first half of the year. This study will provide the necessary information to support the Phase
Change Application due on June 17, 2016. The Company is planning to file a technical report on
the feasibility study for Fruta del Norte in accordance with NI 43-101 within 45 days of the
release of the feasibility study results. Work will continue throughout the year on the
Environmental Impact Assessment process and the subsequent application for water and
construction permits.
Mineral Exploration
In addition to Fruta del Norte, Lundin Golds properties in Ecuador consists of 30 metallic mining
concessions covering an area of approximately 70,000 hectares in the same area of Ecuador.
These concessions are also registered in the name of the Companys subsidiary, Aurelian Ecuador
S.A.

The map below shows the Companys holdings and their respective stage of development under
the mining law, as at the date of this AIF. In 2016, four of the Companys metallic concessions,
including Duque, Princesa, Emperador 1 and Emperadora, are required to advance to the
Economic Evaluation phase or be surrendered by the Company. The remaining 26 metallic
concessions need to advance to Economic Evaluation by December 2018 or be surrendered.
Significant drilling has been undertaken in the FDN region pre and post FDN discovery in 2006.
The Las Peas structural corridor has been the primary focus for exploration with several targets
drilled in the La Zarza concession dating as far back as 1996.
Following the discovery of FDN, exploration continued to focus in the Las Peas structural belt,
more specifically in the La Zarza, Princesa, Sachavaca and Colibr concessions where epithermal
and possibly mesothermal systems were targeted. Additionally, although historically not a
principal commodity focus of Kinross or Aurelian, stand-alone, porphyry-hosted deposits, both
associated with and proximal to the Las Peas belt, provide secondary tier objectives for future
exploration programs.

Among epithermal targets earmarked for further exploration within the La Zarza concession are
the Castillo (prev. Ubewdy), Alejandro and FDN East, all of which have received limited previous
work and, with regard to porphyry potential, Tranca-Loma, Sandia, and Papaya.
Since acquiring Aurelian in 2014, Lundin Gold has focused its exploration efforts almost entirely
on key exploration targets outside of the La Zarza concession. Lundin Gold exploration activities
in 2015 included prioritizing exploration concessions, geophysical surveys (IP), detailed
prospecting and mapping of known targets, and initial exploration of concessions with
favourable geology but little data. The principal objective was to better rank and define key
targets and prepare these for drilling in 2016. The most prospective epithermal targets outside
of the La Zarza concession are currently considered to be Emperador, Robles, Chanchito, El Arco,
and Rio Blanco targets.
Geophysical IP surveys conducted in 2015 (Gradient Array and Pole Dipole) over previously
defined soil geochemical anomalies greatly helped in defining structural context of individual
targets as well as identifying resistivity and chargeability anomalies coincident with surface
geochemistry. Additional geological mapping and prospecting combined with the previous IP
surveys provided key information to optimize future drilling campaigns and improve confidence
in the targets. Siliceous sinter (much like the one at FDN) was found in outcrop over the
Emperador target indicating its location in the upper-most levels of an epithermal system.
The 2016 exploration program has multiple objectives. First, the Company plans to drill test the
five most prospective epithermal targets outside of the La Zarza concession (including
Emperador, Robles, Chanchito, El Arco, and Rio Blanco targets). In addition, the exploration
team intends to develop new targets in identified areas of interest outside of the La Zarza and
previously mentioned target areas, to maintain the Companys pipeline of prospective targets.
This work is planned to include prospecting, soil and stream sampling, and follow-up mapping
and rock sampling. Geophysics may again be used as an exploration tool on the best target
areas.
The Company also plans to continue to evaluate and perform preliminary reconnaissance on
other concessions of Lundin Golds large land holdings in order to prioritize additional
exploration efforts to the most prospective concessions and to allow the Company to return
concessions of limited exploration potential. Throughout the year, the Company will
continuously improve its knowledge of FDN in order to define high quality brown field targets
nearest to home for drilling when convenient to do so.
All of the Companys exploration technical information is obtained, verified and compiled under
a formal QA/QC program in Ecuador. The following details the protocols used by Lundin Golds
staff and consultants, which largely follows procedures and processes previously implemented
by Aurelian and Kinross for the FDN deposit. These have been updated to include
recommendations by third party consultants and to meet industry best-practices. They apply

most importantly to drilling but also as described to samples for surface geochemistry and
prospecting.
Sampling Method and Approach

Drill core boxes are marked with hole number and depth at the drill site, then delivered to the
Las Peas camp in closed core boxes where the core is labelled, photographed, logged and
sampled under the supervision of FDN staff geologists. Data is recorded directly into the
database using iPads and includes rock quality designation (RQD), recovery, hardness estimate,
structure, lithology, texture, alteration, mineral assemblage, visual estimate of visible gold
abundance and intensity, and level of oxidation/weathering. Log sheets are also used to record
basic drill hole data including collar coordinates, core size and depth, drilling dates and sample
number series. Occurrences of visible gold is marked on the core using wax crayons. Down hole
survey data is recorded digitally and downloaded directly to the database.
After the geologists mark out the sample intervals, drill core is split along the long axis using an
electrically-powered bench saw. Occasionally, when necessary, areas of very soft rock (clay) are
cut using a machete and sections of very broken core are sampled using spoons. The following
standard sampling procedures are employed:
Normal core intervals are 1m in mineralized intervals (+/-0.1m) and 2m in non-

mineralized intervals (+/-0.1m), although these can be modified by geologist to cut
intervals at lithological or mineralization contacts. Under no circumstances should
sample intervals be under 0.2m in length.
Sample numbers are marked by geologist on the core as well as on the core boxes.
The right hand side of the core is always sampled.
After cutting, half the core is placed in a new plastic sample bag and half is returned
to the core box.
Between each sample, the core saw and sampling table areas are washed to ensure
there is no contamination between samples.
After cutting samples containing visible gold, a piece of quartz sandstone is partially
cut to clean the diamond blade.
Samples are clearly and securely bagged and tagged and quality control (QC) samples
inserted into the sequence.
Batches of approximately ten samples are packed in plastic buckets (drill core
samples) or in poly-weave sacks (surface samples) for ground shipment to ALS, Quito
for eventual sample preparation.

Sample shipment batches are grouped together where possible in groups of 75
samples including QA/QC samples, reflecting the number of client samples that can
go into the fire assay oven in one batch.
No sample preparation (crushing or pulverization) or sample analysis is conducted by
Lundin Gold staff.
A detailed procedure (Protocolo de Aseguriameinto y Control de Calidad) regarding
sampling and QAQC for drilling has been prepared by Lundin Gold and has been
implemented on-site.
Previously, most data were originally recorded as hard copy. Since late 2015 geological data is
directly entered into the database using iPads. Technicians later enter the following information
into the database: sample number, sequence, interval, QA/QC data and other geological
information such as collar information, depth of drill size reduction, date, and drill company
details. Basic database checks are also carried out by the database administrator as well as the
implemented system to assure the integrity of the database.
Sample Preparation
ALS Quito, Ecuador
ALS Quito is accredited to ISO 9001:2008 for its quality management system. This laboratory is
used for preparation of samples for:
Exploration Drilling
Geochemical Sampling (Rocks, Soils, & Streams Sediments)
Procedure:
Oven dry the sample on steel trays (<80oC)
Crush entire sample to better than 70% passing -2 mm or 10 mesh
Clean Crusher with air gun between all samples and with quartz flush between every
10 samples as a minimum. This frequency can be increased for specific intervals if
high grades are expected.
Riffle split 300 g
Pulverize split to better than 85% passing -75 microns or 200 mesh
Clean pulverizers with an air gun between samples
150 g pulps sent in kraft bags by prep. lab to analytical labs in Lima for analysis
Sample Analysis
ALS Lima, Peru
ALS Lima is accredited to ISO 9001:2008 for their quality management systems and to ISO/IEC
17025:2005 for their competence of laboratory testing. This laboratory is used as a primary
analytical laboratory for:
Geochemical Sampling (Rocks, Soils, & Streams Sediments)
Procedure:
Gold determined by 50 g fire assay with an AAS finish for drill samples1 (method code
AU-AA24), and with ICP-AES2 finish for field rock samples (method code AU-ICP22).
Minimum detection limit for AAS finish procedure is 0.005 g/t Au and for ICP is 0.001
g/t Au. Maximum detection limit in both cases is 10 g/t Au.
If gold assays greater than 10 g/t is detected for either drill or field samples then over-
limit re-assays are completed using a 50 g fire assay with a gravimetric finish, method
code AU-GRA22. The detection range for this procedure is 0.05 g/t Au to 1,000 g/t
Au.
Multi-element analysis is performed on all samples using method code ME-MS41,
consisting in an aqua regia digestion and ICP-AES2 and ICP-MS3 finish. 51 Elements are
analyzed, including gold and silver. The silver detection range for this procedure is
0.01 ppm to 100 ppm.
If silver assays greater than 100 ppm then over-limit re-assays are completed with
aqua regia digestion and AAS finish (AG-AA46, detection limit 1-1,500ppm). When
Cu, Pb, or Zn assays exceed 10,000 ppm re-assays are completed (Cu-AA46, 0.001-
50%; Pb-AA46, 0.001-30%; Zn-AA46, 0.001-60%).
Notes:
1. AAS: Atomic absorption spectroscopy
2. ICP-AES: Inductively-coupled plasma - atomic emission spectroscopy
3. ICP-MS: Inductively-coupled plasma mass spectrometry
Inspectorate - Lima, Peru

Inspectorate Lima is accredited to ISO 9001:2008 for its quality management system and to
ISO/IEC 17025:2005 for its competence of laboratory testing. Currently this laboratory is used
for QAQC check assays for gold only from pulp duplicates related to:
Geochemical Sampling (Rocks)
Procedure:
Gold determined by 50 g fire assay with an AAS1 finish for drill samples using method
code FA450-Au, which has a detection range from 0.005 g/t Au to 10 g/t Au. For
surface samples fire assays are done with ICP-AES2 finish using method code FA350-
Au 50g, which has a detection range from 0.002 g/t Au to 10 g/t Au.
If gold assays greater than 10 g/t were detected using the above technique, then
over-limit re-assay using a 50 g fire assay with a gravimetric finish (method code
FA550-Au). The detection range for this procedure is 0.9 g/t Au to 1,000 g/t Au.
Notes:
1. AAS: Atomic absorption spectroscopy
2. ICP-AES: Inductively-coupled plasma - atomic emission spectroscopy

Chain of Custody and Security
Once sealed, core boxes are transported from the drill site to the Las Peas exploration
camp. At the camp, core is checked by geologists and stored in the core shed during the logging
and sampling process. Samples are sealed in plastic bags using single-use plastic cable-ties, the
sealed sample bags are placed in plastic buckets and then stored in a locked shed until shipment.
Lundin Gold personnel do not participate in any sample preparation activities beyond cutting
core samples.
Once ready for shipment, a list of sample batches and included samples is sent via electronic
mail to camp administration and logistics, to the sample preparation laboratory, and to camp
security, before the sample batches leave camp. The Las Peas camp has 24-hour security,
which includes monitoring activities in the core shed area. Drilling samples are transported from
camp overland by a transport company truck directly to Quito where the custody of the samples
is transferred to laboratory personnel. During transport camp security maintains communication
with the transport company driver in order to track the progress and safety of the transport
truck.
In the case of surface exploration samples (rocks and soils), these are sealed in plastic bags with
single use cable-ties, packed in rice bags, and then these are delivered by light truck to a
transport company in the City of Loja for transport to Quito. The samples are then picked up
from the transport companys terminal in Quito by Lundin Gold personnel and delivered to the
preparation laboratory.
Signatures for responsible parties are required at every step of the process and records are
archived at the Las Peas camp. When samples are received at the sample preparation
laboratory, the sample are laid out on the laboratory floor and reviewed by laboratory
personnel. If the samples are received in good order and consistent with the sample list of the
work order, the laboratory sends by electronic mail confirmation of sample reception. If
laboratory personnel observe any variations with respect to the list of samples or if there were
any problems with sample integrity, Lundin Gold is advised by the laboratory by electronic mail
before any further action is taken.
Once prepared the 150g pulp samples are packaged by the sample preparation laboratory for
shipment to their analytical facility in Lima. Before shipment, Lundin Gold personnel inserts
CRMs in the sample batch at the sample preparation laboratory. In the case of pulp duplicates
for outside check assays, these sample batches are picked up by Lundin Gold personnel, and
delivered to the Inspectorate sample preparation laboratory in Quito for shipment to their Lima
analytical laboratory. Starting in 2016, ALS inserts the CRMs in the check assay batches and
delivers these directly to Inspectorate without Lundin Golds involvement.

Digital laboratory assay data is distributed by electronic mail to project managers and to the
resource database administrator via electronic mail. The laboratory assay data is received in two
separate files. The first file is an electronic certificate of the sample assays in PDF format while
the second is an Excel table for uploading into the database. That assay data is manually
uploaded to the database where it is automatically merged with the appropriate sample
data. The resource database system requires users to be logged on to the system. Each user is
assigned privileges that are dependent on their duties.
Bulk Density Measurements

After core is sampled, intervals of solid core (10 cm to 20 cm in length) are selected for bulk
density determinations. Measurements are made from every hole at an interval rate of
approximately 50 m in un-mineralized intervals and every 20 m in mineralized intervals. The
procedure used is the Marcy Method, where the sample is dried, weighed, waxed and then
weighed in water.
Quality Assurance and Quality Control

Quality assurance (QA) provides evidence to demonstrate that the assay data has precision and
accuracy within generally accepted limits for the sampling and analytical method(s) used in order
to have confidence in a resource estimate. Quality control (QC) consists of procedures used to
ensure that an adequate level of quality is maintained in the process of collecting, preparing and
assaying the exploration drilling samples.
In general, QA/QC programs are designed to prevent or detect contamination and allow assaying
(analytical), precision (repeatability) and accuracy to be quantified. In addition, a QA/QC
program can disclose the overall sampling-assaying variability of the sampling method itself.
Lundin Gold has implemented a thorough QA/QC program, largely following previous practices
by Kinross and Aurelian, which included the regular insertion of blank samples, certified
reference material (CRM), field and reject duplicates and check assaying from pulp duplicates.
Ongoing monitoring of the program is performed by the operators, with spurious results being
investigated and changes implemented when required. Insertion rates and procedures
employed by Lundin Gold are shown in the following table.
CRM 1 of 25
Blanks - Coarse Rock 1 in 20
Field Duplicate 1 in 50 (both halves sent)
Coarse Reject Duplicate 1 in 50 samples submitted to ALS Lima

1 in 10 samples submitted to ALS Lima are also assayed at
Check Assay (Pulp Duplicates)
Inspectorate Lima

Certified Reference Material
Results of the regular submission of certified and uncertified reference material (standards) are
used to identify problems with specific sample batches and long term biases associated with the
primary assay laboratory. The FDN project site sourced certified reference material (CRM) from
Rocklabs in New Zealand. New CRM materials may be sourced in the future from Rocklabs or
from other recognized providers.
CRM material is included in the sample stream at a rate of 1 in 25.
CRMs submitted for a project validate the precision and accuracy of results within the grade
range of interest by approximating the cut-off grade, the average grades and the high grades for
the project. For FDN the gold grades of interest are approximately 3 g/t (cut-off grade), 9 g/t
(average grade) and over 20 g/t (high grade). Silver grades of interest, although supplemental to
gold, are from 10 g/t to 20 g/t. The ranges of expected values of the submitted CRMs for gold is
from 0.819 g/t Au to 30.14 g/t Au and for silver is from 11.02 g/t to 58.38 g/t.
Failure rates, defined as a gold value reporting more than three standard deviations from the
expected value, or two consecutive gold values reporting more than two standard deviations
from the expected values.
Control charts are prepared for each of the CRMs used on the project, and reviewed for
individual laboratory bias, precision and accuracy, as well as changes and drift of assayed grades
over short and long time spans.
Blank Material
The regular submission of blank material is used to assess contamination during sample
preparation and to identify sample numbering errors. Blank material is sourced from Hollin
Formation sandstone.
Anomalous results are usually interpreted as contamination or a sample switch. Site operators
consistently monitor the results of blank samples and follow up spurious results with respective
investigations. Assay values of greater than 0.05 g/t Au for blank material are considered failures
or 10 times detection limit.
Blank material is included in the sample stream at a rate of 1 in 20 (minimum) and may be
increased where visible gold is observed or very high grades are expected.
Control Sample Failures

When a control sample (CRM or Blank) fails to return the expected value an entry is made into
the table of failures, the control sample as well as 10 samples previous to, and 10 samples
afterward are immediately re-assayed from pulp and rejects duplicates. Based on a review of
the failure and the re-assays, a description of the failure analysis is documented into the table of

failures together with the actions taken (signed off by Exploration Manager) which may include
substituting the initial results with re-assays. If samples adjacent to the failed control sample are
non-mineralized, decision may be taken to take no further actions with approval of the
Exploration Manager. When assays of duplicate samples exceed 30% variation with respect to
the original sample (for samples with significant grade, the same failure methodology is
followed.
Duplicates
Duplicate samples help to monitor preparation and assay precision and grade variability as a
function of sample homogeneity and laboratory error.
Since 2016, field duplicate samples are collected as both halves of core samples. For every 50
field/core sample, a minimum of one field duplicate is inserted in the batch. Lundin Golds
batches are based of 75 samples (including QC samples), so two field duplicates are included in
every full batch.
Coarse reject samples are collected as an additional split from the crushed reject material (better
than 70% passing -2 mm or 10 mesh). As for field duplicates, a minimum of one field duplicate
is inserted in for every 50 field/core samples.
Check Assays
Pulp duplicates are sent for check assays to Inspectorate Laboratory in Lima with a frequency of
one pulp duplicate for every 10 field/core samples. The 150g pulp duplicate samples are split
from the 300g of pulverized rock (85% passing -75 microns or 200 mesh) prepared by ALS Quito
as previously described. Lundin Gold inserts a minimum of one CRM for every 25 pulp duplicates
and the samples are normally sent in batches of 75 samples. These are currently delivered by
Lundin Gold to Inspectorate offices in Quito who take responsibility of sending the samples to
their Lima laboratory. Starting in 2016, ALS inserts the CRMs in the check assay batches and
delivers these directly to Inspectorate without Lundin Golds involvement.

Risk Factors
There are a number of factors that could negatively affect Lundin Golds business and the value
of the Shares, including the factors listed below. The following information pertains to the
outlook and conditions currently known to Lundin Gold that could have a material impact on the
financial condition of the Company. Other factors may arise that are not currently foreseen by
management of Lundin Gold that may present additional risks in the future. Current and
prospective security holders of Lundin Gold should carefully consider these risk factors.
Financing Requirements
Any potential development activities at the Fruta del Norte Project require substantial additional
capital. When such additional capital is required, Lundin Gold may need to pursue various
financing transactions or arrangements, including equity financing, debt financing, joint
venturing of projects or other means. Additional financing may not be available when needed
or, if available, the terms of such financing might not be favourable to Lundin Gold and might
involve substantial dilution to existing shareholders. Moreover, Lundin Gold may not be
successful in locating suitable financing when required or at all. A failure to raise capital when
needed would have a material adverse effect on Lundin Golds business, financial condition and
results of operations.
In addition, debt and other mezzanine financing may involve a pledge of assets and may be
senior to interests of equity holders. Lundin Gold may incur substantial fees and costs in
pursuing future capital requirements. The ability to obtain needed financing may be impaired by
a variety of factors such as the capital markets (both generally and in the gold industry in
particular), the location of the Fruta del Norte Project in Ecuador and the price of gold.
Government or Regulatory Approvals

Lundin Golds exploration and development activities and its operations depend on its ability to
obtain, sustain or renew various mineral rights, licenses, permits, authorizations and regulatory
approvals (collectively, Rights and individually a Right) from various governmental and quasi-
governmental authorities. Lundin Golds ability to obtain, sustain or renew such Rights on
acceptable terms and on a timely basis is subject to changes in regulations and policies and to
the discretion of the applicable governmental and quasi-governmental bodies. Lundin Gold may
not be able to obtain, sustain or renew its Rights or its Rights may not be obtainable on
reasonable terms or on a timely basis.
Furthermore, there is a risk that Lundin Gold will not be in a position to execute the exploitation
agreement with the Government of Ecuador within the required timeframe. Additional Rights
that are necessary to permit Lundin Gold to commercially exploit the Fruta del Norte Project
deposit may be subject to unfavourable terms, may be delayed or may not be obtained at all. A
delay in obtaining any such Rights, the imposition of unfavourable terms or conditions on any
Rights or the denial of any Right may have a material adverse effect on Lundin Golds business,
financial condition, results of operations and prospects and, in particular, the development of
the Fruta del Norte Project.
Instability in Ecuador
The Fruta del Norte Project is located in Ecuador, South America. As a result, the Project is
subject to certain risks and possible political and economic instability specific to Ecuador, such as
currency fluctuations, political unrest, labour disputes, invalidation of government orders,
permits or property rights, risk of corruption including violations under applicable foreign
corrupt practices laws, military repression, war, civil disturbances, criminal and terrorist acts,
arbitrary changes in laws, expropriation, nationalization, renegotiation or nullification of existing
agreements and changes to monetary or taxation policies. The occurrence of any of these risks
may adversely affect the mining industry, mineral exploration and mining activities generally or
the Company and, among impacts, could result in the impairment or loss of mineral concessions
or other mineral rights.
Exploration, development or production may also be affected to varying degrees by government

regulations with respect to, but not limited to, restrictions on future exploitation and production,
price controls, export controls, income taxes, delays in obtaining or the inability to obtain
necessary permits, opposition to mining from environmental and other non-governmental
organizations, limitations on foreign ownership, expropriation of property, ownership of assets,
environmental legislation, labour relations, limitations on repatriation of income and return of
capital, high rates of inflation, increased financing costs, and site safety. These factors may
affect both Lundin Golds ability to undertake exploration and development activities in respect
of future properties in the manner contemplated, as well as its ability to continue to explore,
develop and operate those properties in which it has an interest or in respect of which it has
obtained exploration and development rights to date.
A federal election is scheduled for February 2017 and may result in a change in government.
Any shifts in political attitudes or changes in laws that may result in, among other things,
significant changes to mining laws or any other national legal body of regulations or policies are
beyond the control of Lundin Gold and may adversely affect its business. Without the protection
of a signed exploitation agreement, the Company faces the risk that future governments may
adopt substantially different policies, which might extend to the expropriation of assets,
increased government participation in the mining sector or renegotiation of existing agreements.
In addition, changes in resource development or investment policies, increases in taxation rates,
higher mining fees and royalty payments, revocation or cancellation of mining concession rights
or shifts in political attitudes in Ecuador may adversely affect Lundin Golds business.
Measures to Protect Endangered Species

Ecuador is a country with a diverse and fragile ecosystem and has the highest numbers of
species at risk of extinction in the world. The federal government, regional governments and
nongovernmental organizations (NGOs) are vigilant in their protection of endangered species.

The existence or discovery of an endangered species at the Fruta del Norte Project would likely
have a number of adverse consequences to the Companys plans and operations. For instance,
the presence of an endangered species could require the Company to modify its design plans
and construction, to take extraordinary measures to protect the species or to cease its activities
at the Project temporarily or permanently, all of which would delay the Projects development
and production and would have an adverse economic impact on the Company, which could be
material. The existence or discovery of an endangered species at the Fruta del Norte Project
could also ignite NGO and local community opposition to the Project, which would be a further
barrier to development of the Project and could impact the Companys global reputation.
Title Matters and Surface Rights and Access

There is a risk that title to the mining concessions and the surface rights comprising the Fruta del
Norte Project may be deficient or subject to dispute. The procurement or enforcement of such
rights can be costly and time consuming. In areas where there are local populations or land
owners, it may be necessary, as a practical matter, to negotiate surface access. Despite having
the legal right to access the surface and carry on mining activities, Lundin Gold may not be able
to negotiate satisfactory agreements with existing landowners/occupiers for such access, and
therefore it may be unable to carry out mining activities. In addition, in circumstances where
such access is denied, or no agreement can be reached, Lundin Gold may need to rely on the
assistance of local officials or the courts in such jurisdictions.
Without the protection of a signed exploitation agreement, there is also a risk that applicable
governments will revoke or significantly alter the conditions of the applicable exploration and
mining authorizations and surface rights. In addition, such exploration and mining authorizations
and surface rights may be challenged or impugned by third parties. In addition, there is a risk
that Lundin Gold will not be able to renew some or all its licenses in the future. Inability to
renew a license could result in the loss of any project located within that license. Furthermore,
Lundin Gold may not be able to acquire any additional surface rights required on reasonable
terms or at all.
Finally, there is a risk that developing laws and movements respecting the acquisition of lands
and other rights of indigenous communities may alter the arrangements made by prior owners
of the lands where the Fruta del Norte Project is located. Future laws and actions could have a
material adverse effect on Lundin Golds operations at the Fruta del Norte Project or on its
financial position, cash flow and results of operations.
Claims and Legal Proceedings

Lundin Gold may be subject to claims or legal proceedings in multiple jurisdictions covering a
wide range of matters that arise in the ordinary course of its current or previous business
activities. These matters may give rise to legal uncertainties or have unfavourable results. Prior
to obtaining its interest in the Fruta del Norte Project, Lundin Gold had business interests in a
number of jurisdictions, including Canada, Cyprus and Russia. Lundin Gold may be involved in

disputes with other parties in the future that may result in litigation or unfavourable resolution
which could materially adversely impact Lundin Golds financial position, cash flow and results of
operations.
Market Price of the Companys Securities

Securities of mineral companies have experienced substantial volatility in the past, often based
on factors unrelated to the financial performance or prospects of the companies involved. These
factors include macroeconomic conditions in North America and globally, and market
perceptions of the attractiveness of particular industries. The price of the Companys securities
is also likely to be significantly affected by short-term changes in commodity prices, other
mineral prices, currency exchange fluctuation, or in its financial condition or results of
exploration on its projects. Other factors unrelated to the performance of the Company that
may have an effect on the price of the Companys securities include the following: the extent of
analytical coverage available to investors concerning the business of the Company may be
limited if investment banks with research capabilities do not follow the Companys securities,
lessening in trading volume and general market interest in the Company's securities may affect
an investor's ability to trade significant numbers of securities of the Company, the size of the
Company's public float and its inclusion in market indices may limit the ability of some
institutions to invest in the Company's securities, and a substantial decline in the price of the
securities of the Company that persists for a significant period of time could cause the
Company's securities to be delisted from an exchange, further reducing market liquidity. If an
active market for the securities of the Company does not continue, the liquidity of an investor's
investment may be limited and the price of the Companys securities may decline. If an active
market does not exist, investors may lose their entire investment in the Company. As a result of
any of these factors, the market price of the Companys securities at any given point in time may
not accurately reflect the long-term value of the Company. Securities class-action litigation often
has been brought against companies following periods of volatility in the market price of their
securities. The Company may in the future be the target of similar litigation. Securities litigation
could result in substantial costs and damages and divert management's attention and resources.
Dilution
If Lundin Gold raises additional funding by issuing additional equity securities, such financing may
substantially dilute the interests of shareholders and reduce the value of their investment.
Non-Compliance and Compliance Costs

Lundin Gold, its subsidiaries, its business and its operations are subject to various laws and
regulations. The costs associated with compliance with such laws and regulations may cause
substantial delays and require significant cash and financial expenditure, which may have a
material adverse effect on the Company or the development of the Fruta del Norte Project.
The legal and regulatory requirements in Ecuador applicable to mining activities are different
from those in Canada. The officers and directors of the Company rely, to a great extent, on the

Companys local legal counsel and local consultants and advisors in respect of legal,
environmental compliance, banking, financing and tax matters in order to ensure compliance
with material legal, regulatory and governmental developments as they pertain to and affect the
Companys operations in Ecuador and to assist the Company with its governmental relations.
The Company may also rely, to some extent, on those members of management who have
previous experience working and conducting business in Ecuador.
Despite these resources, the Company may fail to comply with a legal or regulatory requirement,
which may lead to the revocation of certain rights or to penalties or fees and in enforcement
actions thereunder, including orders issued by regulatory or judicial authorities causing
operations to cease or be curtailed and may include corrective measures requiring capital
expenditures, installation of additional equipment, or remedial actions. Parties engaged in
exploration operations may be required to compensate those suffering loss or damage by reason
of the exploration activities and may have civil or criminal fines or penalties imposed for
violations of applicable laws or regulations and, in particular, environmental laws. Any of the
foregoing may have a material adverse effect on the Company or the development of the Fruta
del Norte Project.
Tax Regime in Ecuador

Tax regimes in Ecuador may be subject to differing interpretations and are subject to change
without notice. The Companys interpretation of tax law as applied to its transactions and
activities may not coincide with that of the tax authorities. As a result, the taxation applicable to
transactions and operations may be challenged or revised by the tax authorities, which could
result in significant additional taxes, penalties and/or interest.
There is a risk that restrictions on the repatriation of earnings from Ecuador to foreign entities
will be imposed in the future and Lundin Gold has no control over withholding tax rates. In
addition, there is a risk that new laws and regulations in Ecuador may result in a capital gains tax
on profits derived from the sale of shares, ownership interests and other rights, such as
exploration rights, of companies with permanent establishments in the country. It has yet to be
determined how these new laws and regulations may impact the Company or its shareholders.
Economic Developments in Ecuador

Due to its location in Ecuador, the Fruta del Norte Project depends in part upon the performance
of the Ecuadorian economy. As a result, Lundin Golds business, financial position and results of
operations may be affected by the general conditions of the Ecuadorian economy, price
instabilities, currency fluctuations, inflation, interest rates, regulatory changes, taxation changes,
social instabilities, political unrest and other developments in or affecting Ecuador over which
Lundin Gold does not have control. Because international investors reactions to the events
occurring in one emerging market country sometimes appear to demonstrate a contagion
effect in which an entire region or class of investment is disfavoured by international investors,

Ecuador could also be adversely affected by negative economic or financial developments in
other emerging market countries.
Local Opposition to Mining

The Fruta del Norte Project is located near rural communities, some of which contain groups
that have been opposed to mining activities from time to time in the past, which may affect
Lundin Golds ability to develop the Fruta del Norte Project in the short and long term.
Furthermore, local communities may be influenced by external entities, groups or organizations
opposed to mining activities. In recent years, anti-mining NGO activity in Ecuador has increased.
These communities and NGOs have taken such actions as road closures, work stoppages, and law
suits for damages. These actions relate not only to current activities but often in respect to the
mining activities by prior owners of mining properties. Such actions by communities and NGOs
may have a material adverse effect on Lundin Golds operations at the Fruta del Norte Project
and on its financial position, cash flow and results of operations. Lundin Gold does not presently
maintain political risk insurance for the Fruta del Norte Project.
Exploration and Development Risks

The exploration for, and development of, mineral deposits involves significant risks which, even
with a combination of careful evaluation, experience and knowledge, may not be eliminated.
Few exploration properties are ultimately developed into producing mines. Major expenses may
be required to locate and establish Mineral Reserves, to develop metallurgical processes, and to
construct mining and processing facilities at a particular site. There is a risk that the exploration
or development programs of Lundin Gold will not result in a profitable commercial mining
operation.
Whether a mineral deposit will be commercially viable depends on a number of factors,

including but not limited to: the particular attributes of the deposit, such as quantity and quality
of the minerals, metallurgy and proximity to infrastructure and labour; mineral prices, which are
highly cyclical; and government regulations, including regulations relating to prices, taxes,
royalties, land tenure, land use, importing and exporting of minerals, and environmental
protection. The exact effect of these factors cannot be accurately predicted but could have a
material adverse effect upon Lundin Golds operations.
There is a risk that the expenditures made by Lundin Gold towards the search and evaluation of
precious metals and other minerals will not result in discoveries of additional Mineral Resources,
Mineral Reserves or any other mineral occurrences. There is a risk that even if commercial
quantities of ore are discovered, the new ore body will not be developed and brought into
commercial production. Development projects are subject to, but not limited to, the successful
completion of final feasibility studies, issuance of necessary permits and other government
approvals and receipt of adequate financing.

Mineral Reserve and Resource Estimates
Mineral Reserve and Resource figures are estimates, and there is a risk that any of the Mineral
Resources identified at the Fruta del Norte Project to date will not be realized. Until a deposit is
actually mined and processed, the quantity of Mineral Resources and grades must be considered
as estimates only. In addition, the quantity of Mineral Resources may vary depending on, among
other things, precious metal prices. Any material change in quantity of Mineral Resources, grade
or stripping ratio may affect the economic viability of any project undertaken by Lundin Gold. In
addition, there is a risk that metal recoveries in small scale laboratory tests will not be duplicated
in a larger scale test under on-site conditions or during production.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability,
and there is a risk that they will never be mined or processed profitably. Due to the uncertainty
which may attach to Mineral Resources, there is a risk that Inferred Mineral Resources will not
be upgraded to proven and probable Mineral Reserves as a result of continued exploration.
Fluctuations in gold prices, results of drilling, metallurgical testing and production and the
evaluation of studies, reports and plans subsequent to the date of any estimate may require
revision of such estimate. Any material reductions in estimates of Mineral Resources could have
a material adverse effect on Lundin Golds results of operations and financial condition.
Operating History
Lundin Gold has limited experience in operating the Fruta del Norte Project and conducting
exploration work in Ecuador generally. Although Lundin Gold possesses an experienced
management team, Lundin Gold is subject to many risks common to new enterprises, including
limitations with respect to personnel, financial and other resources and lack of revenues. There
is a risk that Lundin Gold will not be successful in achieving a return on shareholders investment
and the likelihood of Lundin Golds success must be considered in light of its expected early
stage of operations.
Dependence on Single Project

The only property in which Lundin Gold has an interest is the Fruta del Norte Project. The Fruta
del Norte Project does not have identified proven and probable Mineral Reserves, which are
required as a basis for determining if the Fruta del Norte Project has bodies of commercial
mineralization. The costs, timing and complexities of reclassifying the Mineral Resource
estimates to proven and probable Mineral Reserves may be greater than is currently anticipated.
In addition, actual development costs may differ materially from Lundin Golds estimates and
may render the development of the Fruta del Norte Project economically unfeasible. In the
absence of additional mineral projects, Lundin Gold is solely dependent upon the Fruta del Norte
Project for its revenue and profits, if any. Should the development of the Fruta del Norte Project
not be possible or practicable for political, engineering, technical or economic reasons, then
Lundin Golds business and financial position will be significantly and adversely affected.

Artisanal and Illegal Mining
Previous mining by illegal and artisanal miners has occurred in the area surrounding the Fruta del
Norte Project and occurs today on a more limited basis. Activity by artisanal and illegal miners
could lead to interference with Lundin Golds operations and could result in conflicts. These
potential activities could cause damage to the Fruta del Norte Project, including pollution,
environmental damage, fires, or personal injury or death, for which Lundin Gold could potentially
be held responsible. The presence of artisanal and illegal miners can lead to project delays and
disputes regarding the development or operation of gold deposits. Artisanal and illegal mining
can also result in mine stoppages, environmental issues and could have a material adverse effect
on Lundin Golds results of operations or financial condition.
Reclamation Obligations
Reclamation requirements are designed to minimize long-term effects of mining exploitation and
exploration disturbance by requiring the operating company to control possible deleterious
effluents and to re-establish to some degree pre-disturbance land forms and vegetation. Lundin
Gold is subject to such requirements in connection with its activities at the Fruta del Norte
Project. Any significant environmental issues that may arise, however, could lead to increased
reclamation expenditures and could have a material adverse impact on Lundin Golds financial
resources. Furthermore, environmental hazards may exist on the properties in which Lundin
Gold holds interests which are unknown to Lundin Gold at present and which have been caused
by previous or existing owners or operators of the properties.
The amounts recorded for reclamation costs are estimates unique to a property based on
estimates provided by independent consulting engineers and Lundin Golds assessment of the
anticipated timing of future reclamation and remediation work required to comply with existing
laws and regulations. Actual costs incurred in future periods could differ from amounts
estimated. Additionally, future changes to environmental laws and regulations could affect the
extent of reclamation and remediation work required to be performed by Lundin Gold. Any such
changes in future costs could materially impact the amounts charged to operations for
reclamation and remediation.
Adverse Economic Conditions

The unprecedented events in financial markets in the past several years have had a profound
impact on the global economy. Many industries, including the precious metals mining industry,
are impacted by these market conditions. Some of the key impacts of the current financial
market turmoil include contraction in credit markets resulting in a widening of credit risk,
devaluations, high volatility in global equity, commodity, foreign exchange and precious metal
markets and a lack of market liquidity. A continued or worsened slowdown in the financial
markets or other economic conditions, including but not limited to, consumer spending,
employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels,
lack of available credit, the state of the financial markets, interest rates and tax rates may
adversely affect Lundin Golds growth and profitability. Specifically, the current commodity

market conditions have had an impact on the cost and availability of financing and liquidity for
commodity related companies and there is a risk that the Company will not successfully finance
ongoing operations. The volatility of gold prices would also impact Lundin Golds expected
revenues, profits, losses and cash flow while continued recessionary pressures could adversely
impact demand for Lundin Golds production, if any. Finally, volatile energy, commodity and
consumables prices and currency exchange rates would impact Lundin Golds production costs, if
any, and the devaluation and volatility of global stock markets could impact Lundin Gold. These
factors could have a material adverse effect on Lundin Golds financial condition and results of
operations.
Gold Prices
Gold prices have fluctuated widely, particularly in recent years. The price of gold is affected by
numerous factors beyond Lundin Golds control, including levels of supply and demand, global or
regional consumptive patterns, sales by government holders, metal stock levels maintained by
producers and others, increased production due to new mine developments and improved
mining and production methods, speculative activities related to the sale of metals, availability
and costs of metal substitutes, international economic and political conditions, interest rates,
currency values and inflation.
The mineral exploration and development industry in general is intensely competitive, and there
is a risk that even if commercial quantities of proven and probable Mineral Reserves are
discovered, a profitable market may not exist for the sale of the same. The feasible
development of identified resources is highly dependent upon the price of metals. A sustained
and substantial decline in commodity prices could result in the write down, termination of
exploration work or loss of its interests in such properties.
If the Fruta del Norte Project is developed to production, the majority of Lundin Golds revenue
will be derived from the sale of gold. Therefore, fluctuations in the prices of these commodities
may affect Lundin Golds future operations and potential profitability. Declining market prices
for these metals could materially adversely affect Lundin Golds future operations and
profitability.
Further, if the price of gold decreases, then potential revenues from the Fruta del Norte Project
will likely decrease and such decreased revenues may increase the requirements for capital.
Failure to obtain sufficient financing will result in a delay or indefinite postponement of
development or production at the Fruta del Norte Project.
Employee Recruitment and Retention

Recruiting and retaining qualified personnel is critical to Lundin Golds success. Lundin Gold is
dependent on the services of key executives including its President and Chief Executive Officer
and other highly skilled and experienced executives and personnel focused on managing Lundin
Golds interests. The number of persons skilled in acquisition, exploration and development of

mining properties is limited and competition for such persons is intense. As Lundin Golds
business activity grows, Lundin Gold will require additional key financial, administrative, geologic
and mining personnel as well as additional operations staff. There is a risk that Lundin Gold will
not be successful in attracting, training and retaining qualified personnel as competition for
persons with these skill sets increases. If Lundin Gold is not successful in attracting, training and
retaining qualified personnel, the efficiency of Lundin Golds operations could be impaired,
which could have an adverse impact on Lundin Golds future cash flows, earnings, results of
operations and financial condition.
Shortages of Critical Parts, Equipment and Skilled Labour

Lundin Golds ability to acquire critical resources such as input commodities, equipment, and
skilled labour due to worldwide demand, may cause unanticipated cost increases and delays in
delivery times, thereby impacting operating costs, capital expenditures and development
schedules.
Infrastructure
Mining, processing, development and exploration activities depend, to one degree or another,
on adequate infrastructure. Reliable roads, bridges, power sources and water supply are
important elements of infrastructure, which affect capital and operating costs. The lack of
availability on acceptable terms or the delay in the availability of any one or more of these items
could prevent or delay exploration or development of the Fruta del Norte Project. If adequate
infrastructure is not available in a timely manner, there is a risk that (i) the exploration or
development of the Fruta del Norte Project will not be commenced or completed on a timely
basis, if at all, (ii) the resulting operations will not achieve the anticipated production volume or
(iii) the anticipated construction costs and ongoing operating costs associated with the
exploration and/or development of the Fruta del Norte Project will be higher than anticipated.
Furthermore, unusual or infrequent weather phenomena, sabotage, government or other
interference in the maintenance or provision of necessary infrastructure could adversely affect
Lundin Golds operations and profitability.
Industry Competition
The mining industry is intensely competitive in all its phases. Lundin Gold competes with many
companies that have greater financial and technical resources than Lundin Gold for the
acquisition of mineral properties, recruitment and retention of qualified employees and access
to equipment required for exploration, development and production. There is a risk that
competition adversely affects Lundin Golds future exploration and development of the Fruta del
Norte Project or other projects it may acquire.
Negative Operating Cash Flow

Lundin Gold currently has a negative operating cash flow, which may continue for the
foreseeable future. Lundin Golds failure to achieve profitability and positive operating cash

flows could have a material adverse effect on Lundin Golds financial condition and results of
operations.
Insurance and Uninsured Risks

The business of Lundin Gold is subject to a number of risks and hazards generally, including
adverse environmental conditions, industrial accidents, labour disputes, unexpected geological
conditions, ground or slope failures, cave-ins, rock bursts, changes in the regulatory environment
and natural phenomena such as inclement weather conditions, floods and earthquakes. Such
occurrences could result in damage to mineral properties, personal injury or damage to the
properties of Lundin Gold or the properties of others, delays in mining, monetary losses and
possible legal liability. Lundin Golds current insurance does not cover all the potential risks
associated with an exploration or development companys operations. Lundin Gold may also be
unable to maintain insurance to cover certain risks at economically feasible premiums.
Insurance coverage may not continue to be available or may not be adequate to cover any
resulting liability. Moreover, insurance against risks such as environmental pollution or other
hazards as a result of exploration and production is not generally available to Lundin Gold or to
other companies in the mining and exploration industry on acceptable terms. Lundin Gold might
also become subject to liability for pollution or other hazards which it may not be insured against
or which Lundin Gold may elect not to insure against because of premium costs or other
reasons. Losses from these events may cause Lundin Gold to incur significant costs that could
have a material adverse effect upon its consolidated financial performance and results of
operations.
Application of Anti-Bribery Laws

Lundin Gold is required to comply with anti-corruption and anti-bribery laws, including the
Canadian Corruption of Foreign Public Officials Act, as well as similar laws in the countries in
which Lundin Gold conducts its business. If Lundin Gold finds itself subject to an enforcement
action or is found to be in violation of such laws, this may result in significant penalties, fines
and/or sanctions imposed on Lundin Gold resulting in a material adverse effect on Lundin Gold.
Internal Controls
Internal controls over financial reporting are procedures designed to provide reasonable
assurance that transactions are properly authorized, assets are safeguarded against
unauthorized or improper use, and transactions are properly recorded and reported. A control
system, no matter how well designed and operated, can only provide reasonable, not absolute,
assurance with respect to the reliability of financial reporting and financial statement
preparation.
Control of Lundin Gold

As at the date hereof, Zebra Holdings and Investments S..r.l. ("Zebra") and Lorito Holdings S..r.l
(Lorito), who report their security holdings as joint actors, and Kinross are control persons of
Lundin Gold. As long as Kinross, Zebra and Lorito maintain significant interests in Lundin Gold,

they will have the ability to exercise certain influence with respect to the affairs of Lundin Gold
and significantly affect the outcome of the votes of shareholders. There is a risk that the
interests of Kinross, Zebra and Lorito differ from those of other shareholders.
As a result of the significant holdings of Kinross, Zebra and Lorito, there is a risk that the
Companys securities are less liquid and trade at a relative discount compared to circumstances
where these persons did not have the ability to influence or determine matters affecting Lundin
Gold. Additionally, there is a risk that their significant interests in Lundin Gold discourages
transactions involving a change of control of Lundin Gold, including transactions in which an
investor, as a holder of the Companys securities, would otherwise receive a premium for its
Companys securities over the then-current market price.
Conflicts of Interest
Certain directors and officers of Lundin Gold also serve as directors and/or officers of other
companies involved in natural resource exploration and development and, consequently, there
exists the possibility for such directors and officers to be in a position of conflict.

Lundin Golds Securities
The Shares
The Company is authorized to issue an unlimited number of Shares. As of December 31, 2015
and of the date of this AIF, Lundin Gold had an aggregate of 101,260,268 Shares issued and
outstanding.
Shareholders are entitled to receive notice of, and to one vote per Share at, every meeting of
Shareholders, to receive such dividends as the Board declares and to share equally in the assets
of Lundin Gold remaining upon the liquidation, dissolution or winding up of Lundin Gold after the
creditors of Lundin Gold have been satisfied and after the payment of the aggregate liquidation
preference of any Preference Shares (as defined herein) then outstanding.
Shareholders are entitled to receive dividends if, as and when declared by the Board. The
directors have adopted a policy of dedicating cash flow to reinvestment in the business of the
Company. Accordingly, no dividends have been declared to date.
In 2015, the Company issued 84,000 Shares on account of option exercises pursuant to the
Company stock option plan.
Preference Shares
The Company is also authorized to issue an unlimited number of preferred shares (the
Preference Shares). As of December 31, 2015 and the date of this AIF, no Preference Shares
have been issued.
The Preference Shares may be issued from time to time in one or more series, each consisting of
a number of Preference Shares as determined by the Board which also may fix, subject to the
restrictions set out below, the designations, rights, privileges, restrictions and conditions
attaching to the shares of each series of Preference Shares. The Preference Shares of each series
shall, with respect to payment of dividends and distribution of assets in the event of voluntary or
involuntary liquidation, dissolution or winding-up of Lundin Gold rank on parity with the
Preference Shares of every other series and shall be entitled to preference over the Shares and
the shares of any other class ranking junior to the Preference Shares.
The Preference Shares of any series may be purchased for cancellation or made subject to
redemption as determined by the Board. The holders of Preference Shares shall be entitled to
notice of meetings called for the purpose of authorizing the dissolution of Lundin Gold or the
sale, lease or exchange of substantially all of its assets but shall not be entitled to vote thereat,
except as provided by applicable law.

Shares subject to Escrow or Contractual Restriction on Transfer
Designation of Class Numbers of Shares subject to Percentage of Class
Restriction
Common Shares 10,060,000 9.9%
Notes:
(1) In connection with the Note Offering, an escrow agreement exists with Computershare Trust whereby
10,060,000 Shares are being held by Computershare Trust in escrow. Unless terminated earlier, the escrow
period will terminate on December 17, 2016. Release of the Shares from escrow is subject to delivery of a
release notice upon the occurrence of certain events including a breach of the Investment Agreement; the
Share price exceeding CAD$5.00; 90 days from closing of the Note Offering; or the occurrence of a
Significant Transaction (as defined in the escrow agreement).
Price Range and Trading Volume

The Shares trade on the TSX under the symbol LUG. The following table sets forth, for the
periods indicated, the reported intra-day high and low sales prices and aggregate volume of
trading of the Shares on the TSX in 2015.
Month High (CAD$) Low (CAD$) Volume

(2015) TSX TSX
January 4.35 3.73 1,402,453
February 4.14 3.76 490,105
March 4.00 3.75 286,160
April 3.90 3.49 1,203,382
May 3.94 3.50 1,362,289
June 4.13 3.81 914,370
July 4.00 3.57 1,043,237
August 3.98 3.46 449,500
September 3.99 3.72 348,104
October 4.10 3.75 440,622
November 4.10 3.74 479,810
December 4.09 3.78 374,777
Source: Bloomberg Finance L.P.
Lundin Golds Management
The Board
The following table sets out the names and the provinces or states and countries of residence of
each of the directors of Lundin Gold as of the date hereof, their respective positions and offices
held with Lundin Gold and their principal occupations during the five preceding years. The
following table also identifies the members of each committee of the Board.

Name and Province and Principal Occupation and Employment for Director
Country of Residence Past Five Years Since(1)
JAMES CAMBON (2,3) Vice President, Project Development, Hudson 2006

British Columbia, Canada Resources Inc., a TSX-V listed mining company focused
on rare earth development in West Greenland, since
2007
CARMEL DANIELE(4) Founder and Chief Investment Officer of CD Capital UK 2015

London, UK Ltd., the fund manager of a number of private equity
and mining funds, since 2006.
IAN W. GIBBS(2,3,4,6) Chief Financial Officer, Africa Oil Corp., a TSX and 2008
British Columbia, Canada Nasdaq Stockholm listed Canadian oil and gas company
with assets in Kenya and Ethiopia, since 2009
RON F. HOCHSTEIN(5) President and Chief Executive Officer of the Company 2004
British Columbia, Canada since 2014; Chairman of Company from 2008-2014;
Prior: Executive Chairman of Denison Mines Corp.
(Denison) in 2015; President and Chief Executive
Officer of Denison from 2009-2014; Director of
Denison since 2000.
LUKAS H. LUNDIN Chairman of the Board since 2014; prior President and 2008
Vaud, Switzerland Chief Executive Officer of the Company from 2008-
2014; Mining Executive.
PAUL MCRAE(2,3,5,8) Senior Vice-President of Lundin Mining Corp, a 2014

Algarve, Portugal diversified base metals mining company since 2012;
prior Project Manager at Amec Corp., a British
multinational consultancy, engineering and project
management company from 2009-2011.
PABLO MIR(5) Lawyer, Partner of the Chilean law firm Bofill Mir & 2014
Santiago, Chile Alvarez Jana.
ASHLEY HEPPENSTALL(4,7) Lead Director of the Board since 2015; Prior: President 2015
Geneva, Switzerland and CEO of Lundin Petroleum AB, an oil and gas
exploration and production company with core
operations in Norway and South East Asia, from 2002-
2015.

Notes:
(1) The term of office of each of the directors will expire at the Annual General Meeting of the Shareholders to be held on
June 23, 2016.
(2) Member, Audit Committee
(3) Member, Compensation Committee
(4) Member, Corporate Governance and Nominating Committee
(5) Member, Environment, Health and Safety
(6) Chair, Audit Committee and Chair, Compensation Committee
(7) Chair, Corporate Governance and Nominating Committee
(8) Chair, Environment, Health and Safety Committee
Lundin Golds Executive Officers

The following table sets out the names and the provinces or states and countries of residence of
each of the executive officers of Lundin Gold as of the date hereof, their respective positions and
offices held with Lundin Gold and their principal occupations during the five preceding years.
Mr. Hochstein, the President and Chief Executive Officer of the Company, is discussed under
Directors above.
Name and Province and

Country of Residence Position with Lundin Gold and Employment for Past Five Years
CHESTER SEE Chief Financial Officer since 2013; prior: Chief Financial Officer for
British Columbia, Canada NGEx Resources Inc. (NGEx), from 2013-2016; Financial Controller,
Lucara Diamond Corp., from 2011-2013; Manager, Financial
Reporting & Treasury, Western Coal Corp., from 2009-2011.
ANTHONY GEORGE, P.ENG. Vice President, Project Development since 2015; prior, Senior Vice
British Columbia, Canada President, Lucara Diamond Corp. (Lucara), from 2010-2014.
NICHOLAS TEASDALE Vice President, Exploration since 2015; prior, Director Projects and
Lima, Peru Growth, Barrick Gold Corporation from 2006-2015.
NATHAN MONASH Vice President, Business Sustainability since 2015; prior: Vice
Quito, Ecuador President, AngloGold Ashanti from 2011-2014 and Manager,
Sustainability 2010; Independent Consultant, International Finance
Corporation from 2009-2010.
SHEILA COLMAN Vice President, Legal and Corporate Secretary since 2015; General
British Columbia, Canada Counsel and Corporate Secretary, Denison from 2004-2015.
The directors and executive officers of Lundin Gold, as a group, beneficially own, or control or
direct, directly or indirectly, 566,875 Shares or less than one percent of the Shares as of the date
of this AIF. No single director or officer beneficially owns or controls or directs, directly or
indirectly, one percent or more of the Shares as of the date of this AIF. The information as to

Shares beneficially owned or directed by the directors and officers, not being within the
knowledge of the Company, has been furnished by each such individual.
Cease Trade Orders, Bankruptcies, Penalties or Sanctions

Other than as referred to below, no director or officer of the Company:
(a) is, as at the date of this AIF, or has, within the previous ten year period, been a director
or executive officer of a company (including Lundin Gold) that:
(i) was subject to a cease trade or similar order or an order that denied the relevant
company access to any exemption under securities legislation that was in effect for a
period of more than 30 consecutive days that was issued (A) while that person was acting
in such capacity or (B) after that person ceased to act in such capacity but which resulted
from an event that accrued while that person was acting in that capacity; or
(ii) became bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency or was subject to or instituted any proceedings, arrangement or compromise
with creditors or had a receiver, receiver manager or trustee appointed to hold its assets
(A) while that person was acting in such capacity or (B) within a year of that person
ceasing to act in such capacity, or
(b) has, within the previous ten year period, become bankrupt, made a proposal under any
legislation relating to bankruptcy or insolvency, or become subject to or instituted any
proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or
trustee appointed to hold such persons assets; or
(c) is, or has been, subject to any penalties or sanctions (i) imposed by a court relating to
securities legislation or by a securities regulatory authority or has entered into a settlement
agreement with a securities regulatory authority, or (ii) imposed by a court or regulatory body
that would likely be considered important to a reasonable security holder in making an
investment decision.
Ron Hochstein, Lukas Lundin and Pablo Mir were all directors of Sirocco Mining Inc. (Sirocco).
Lukas Lundin resigned on January 31, 2014, at which time Sirocco was financially
solvent. Pursuant to a plan of arrangement completed on January 31, 2014, Canadian Lithium
Corp. acquired Sirocco. The final step in the plan of arrangement transaction was the
amalgamation of Canadian Lithium Corp. and Sirocco to form RB Energy Inc. (RBI). On October
13, 2014, RBI announced that, among other things, the Board of RBI had approved a filing on
October 14, 2014, for an Initial Order to commence proceedings under the Companies' Creditors
Arrangement Act (the CCAA). On October 15, 2014, RBI further announced that the Quebec
Superior Court had issued an Amended and Restated Initial Order in respect of RBI and certain of
its subsidiaries under the CCAA. RBI is now under the protection of the Court. KPMG LLP has
been appointed monitor under the Court Order. The TSX de-listed RBIs common shares
effective at the close of business on November 24, 2014 for failure to meet the continued listing
requirements of the TSX.
Although Lukas Lundin was never a director, officer or insider of RBI, he was a director of Sirocco
within the 12 month period prior to RBI filing under the CCAA. Both Pablo Mir and Ron
Hochstein were directors of RBI from the time of the plan of arrangement with Canadian Lithium
Corp. to October 3, 2014.
Conflicts of Interest
Some of Lundin Golds directors are also directors and officers of other natural resource
companies and, consequently, there exists the possibility for such directors and officers to be in
a position of conflict relating to any future transactions or relationships between the Company
or common third parties. However, the Company is unaware of any such pending or existing
conflicts between these parties. Any decision made by any of such directors and officers
involving the Company are made in accordance with their duties and obligations to deal fairly
and in good faith with the Company and such other companies and their obligations to act in the
best interests of Lundin Golds Shareholders. In addition, each of the directors of the Company
discloses and refrains from voting on any matter in which such director may have a conflict of
interest.
None of the present directors or senior officers of the Company, and no associate or affiliate of
any of them, has any material interest in any transaction of the Company or in any proposed
transaction which has materially affected or will materially affect the Company except as
described herein.
Investor relations, administrative service fees and other expenses of $293,267 were
incurred during the financial year ended December 31, 2015 with Namdo Management
Services Ltd, a company which Ron Hochstein owns. These services were incurred in the
normal course of operating a public company.
Legal fees of $107,321 were incurred during the financial year ended December 31, 2015
with Bofill, Mir & Alvarez Jana, a law firm of which Pablo Mir is a partner.

Interest of Management and Others in Material Transactions
Other than as disclosed in this AIF, no director or executive officer of Lundin Gold, no person or
company that beneficially owns, controls or directs, indirectly or directly, more than 10% of the
Shares, and no associate or affiliate of any of them, has or has had, within the three most
recently completed financial years or during the current financial year, any material interest,
direct or indirect, in any transaction which materially affects or is reasonably expected to
materially affect Lundin Gold, except as disclosed below.
Lorito and Zebra, who report their shareholdings as joint actors, acquired 28,205,000
Shares pursuant to the Financing. As of the date of this AIF, Zebra and Lorito own or
control 31,633,474 Shares representing approximately 31.3% of the issued and
outstanding Shares.
Carmel Daniele, one of the Companys directors, is Founder and Chief Investment Officer
of CD Capital UK Ltd., which is the fund manager of CD Capital, who subscribed for the
Note Offering.
Standing Committees of the Board

The Audit Committee
The Audit Committee of the Board is principally responsible for:
recommending to the Board the external auditor to be nominated for election by the
Companys Shareholders at each annual meeting and negotiating the compensation of
such external auditor;
overseeing the work of the external auditor;
reviewing the Companys annual and interim financial statements, its managements
discussion and analysis in respect thereof and press releases regarding earnings before
they are reviewed and approved by the Board and publicly disseminated by the
Company; and
reviewing the Companys financial reporting procedures for the Companys public
disclosure of financial information extracted or derived from its financial statements.
The Board has adopted an audit committee mandate (the Mandate) which sets out the Audit
Committees mandate, organization, powers and responsibilities. The complete Mandate is
attached as Schedule A to this AIF.
Below are the details of each Audit Committee member, including his or her name, whether she
or he is independent and financially literate as such terms are defined under National Instrument
52-110 - Audit Committees of the Canadian Securities Administrators (NI 52-110) and his or her
education and experience as it relates to the performance of his or her duties as an Audit
Committee member. All three audit committee members are financially literate under NI 52-
110. The qualifications and independence of each member is discussed.

Member Name Independent(1) Financially Education & Experience relevant to performance of audit
Literate(2) committee duties
IAN W. GIBBS, Yes Yes Mr. Gibbs holds a Bachelor of Commerce degree
Chair from the University of Calgary and is a member of
the Canadian Institute of Chartered Accountants.
Mr. Gibbs has spent over ten years working with
public and private energy companies with
international operations and has served as the
Chief Financial Officer for several Canadian public
oil companies since September 2004.
JAMES CAMBON Yes Yes Mr. Cambon holds a Bachelor of Science (Geology)
from the University of Western Ontario. Mr.
Cambon has attained financial experience and
exposure to accounting and financial issues as an
independent consultant, as well as his roles with
other publicly-traded companies.
PAUL MCRAE Yes Yes Mr. McRae is the Senior Vice President, Projects
for Lundin Mining. Mr. McRae has extensive
experience in project and construction
management in the mining industry for both
surface and underground projects of all scales and
complexities.
Notes:
(1) To be considered independent, a member of the committee must not have any direct or indirect "material
relationship" with Lundin Gold. A material relationship is a relationship which could, in the view of the Lundin
Gold Board, reasonably interfere with the exercise of a member's independent judgment.
(2) To be considered financially literate, a member of the committee must have the ability to read and
understand a set of financial statements that present a breadth and level of complexity of accounting issues
that are generally comparable to the breadth and complexity of the issues that can reasonably be expected
to be raised by Lundin Gold's financial statements.
Since the commencement of the Companys most recently completed financial year, there has
not been a recommendation of the Audit Committee to nominate or compensate an internal
auditor which was not adopted by the Board.
The Audit Committee has adopted specific policies and procedures for the engagement of non-
audit services as described in Section 4 of the Mandate.
At the start of January 2015, the Companys auditor, Davidson & Company LLP (the Former
Auditor), resigned as auditor at the Companys request. PwC was appointed as the successor

auditor effective the same day. There were no reportable events (as defined in National
Instrument 51-102) between the Former Auditor and the Company.
The following table discloses the fees billed to the Company by its Former Auditor and PwC,
respectively, during the last two fiscal years. Services were billed and paid in Canadian dollars
and have been translated into U.S. dollars using an average annual exchange rate of: $0.7820 for
2015 and $0.9054 for 2014.
Auditor Financial Year Audit-Related

Ending Audit Fees(1) Fees (2) Tax Fees (3) All Other Fees(4)
The Former December 31, $ 9,697 $ 11,082 $ - $ 31,399
Auditor 2014
The Former December 31, $ Nil $ Nil $ Nil $ Nil
Auditor 2015
PwC December 31, $ Nil $ Nil $ Nil $ Nil
2014
PwC December 31, $ 36,461 $ 16,382 $ 32,617 $ Nil
2015
Notes:
(1) The aggregate fees billed for audit services of the Companys consolidated financial statements.
(2) The aggregate fees billed for assurance and related services that are reasonably related to the performance of
the audit or review of the Companys financial statements and are not disclosed in the Audit Fees column. Fees
relate to reviews of interim consolidated financial statements and specified audit procedures not included as
part of the audit of the consolidated financial statements.
(3) The aggregate fees billed for tax compliance, tax advice, and tax planning services, such as transfer pricing and
tax return preparation.
(4) The aggregate fees billed for professional services other than those listed in the other three columns. For 2014,
All Other Fees relates to fees billed for specified audit procedures relating to the Financing.
Other Board Committees

The Board currently has three other standing committees in addition to the Audit Committee,
namely the Corporate Governance and Nominating Committee, the Compensation Committee
and the Environment, Health and Safety Committee. Each standing committee of the Board
operates according to its mandate, which is approved by the Board and sets out the committees
duties and responsibilities. A discussion of each committee and its composition can be found in
the most recent management information circular prepared in connection with the Companys
Shareholder meeting.
Corporate Governance
As a Canadian reporting issuer with its Shares listed on the TSX, Lundin Gold has in place a
system of corporate governance practices which is responsive to applicable Canadian
requirements, including National Policy 58-201 Corporate Governance Guidelines of the
Canadian Securities Administrators (the Guidelines). Reference is made to the Corporate
Governance Practices section of the most recent management information circular prepared in

connection with the Companys Shareholder meeting, which contains a description of the
Companys system of corporate governance practices with reference to the Guidelines.
Legal and Regulatory Proceedings

There are no legal proceedings to which either the Company or any of its subsidiaries is a party.
The Company, as of the date of this AIF, is not aware that any such proceedings are
contemplated.
There are no: (a) penalties or sanctions imposed against Lundin Gold by a court relating to
securities legislation or by a securities regulatory authority; (b) other penalties or sanctions
imposed by a court or regulatory body against Lundin Gold that would likely be considered
important to a reasonable investor in making an investment decision in Lundin Gold; or (c)
settlement agreements Lundin Gold entered into before a court relating to securities legislation
or with a securities regulatory authority.
Material Contracts
Reference is made to the material contracts which have been filed by Lundin Gold with the
Canadian securities regulatory authorities on the SEDAR.
Below are the particulars of each contract, other than those entered into in the ordinary course
of business, that is material to Lundin Gold and that was entered into between January 1, 2013
and December 31, 2015 or was entered into before those dates but is still in effect.
1. Share Purchase Agreement dated October 21, 2014 among the Company, Kinross and
Aurelian Resources Inc.
Pursuant to the Share Purchase Agreement, the Company acquired a 100% interest in the
Fruta del Norte Project in Ecuador through the acquisition of all of the issued and
outstanding shares of Aurelian Resources Inc. from Kinross. As consideration for the
Acquisition, the Company paid Kinross an aggregate of $240 million, comprised of $150
million in cash and 26,156,250 Shares of the Company.
2. Agreement between the Government of Ecuador and the Company, and Others, with
respect to the Development of the Fruta del Norte Project dated December 17, 2014 (the
GOE Agreement).
Pursuant to the GOE Agreement, the GOE has agreed to support the development of the
Fruta del Norte Project by Lundin Gold and Lundin Gold has agreed to pursue
development of the Fruta del Norte Project, including committing to an investment and
work plan to be completed within the 18 months from the Acquisition.
In particular, the GOE agreed to:
record the transfer of shares of Aurelian Ecuador S.A. to Lundin Gold;
grant permits, licenses, approvals or authorizations that are under its authority and
provide necessary government support to develop, construct, explore and exploit the
Fruta del Norte Project;
reiterate its commitment to provide legal protection of the investments made by
Aurelian Ecuador S.A. in the Fruta del Norte Project;
remain neutral in the event of any third party claims against Lundin Gold or its
subsidiaries, except where GOE action is required under Ecuadorian law; and
deem the concessions comprising the Fruta del Norte Project to be in good standing
on the date of the GOE Agreement and not subject to any expiration, invalidity or
termination process.
In addition to Lundin Golds agreement to pursue the development of the Fruta del Norte
Project as noted above, Lundin Gold agreed to:
not commence any legal action against the GOE in respect of actions, events or
omissions that occurred prior to the closing of the Acquisition;
comply with Ecuadorian mining, social, environmental tax and other applicable laws
and regulations;
cause Aurelian Ecuador S.A. to comply with its obligations under an agreement
between Kinross and the GOE entered into coincident with the GOE Agreement,
whereby Aurelian Ecuador S.A. agreed not to commence an action against the GOE
for events occurring prior to the Acquisition.
Names and Interests of Experts
The Companys independent auditor is PwC, Chartered Professional Accountants, who have
issued an independent auditors report dated February 22, 2016, in respect of Lundin Golds
consolidated financial statements as at December 31, 2015 and 2014. PwC has advised that it is
independent with respect to the Company within the meaning of the Code of Professional
Conduct of the Institute of Chartered Professional Accountants of British Columbia.
Anthony George, P. Eng., a mining engineer and Lundin Golds Vice President, Project
Development, and Nicholas Teasdale, MAusIMM CP(Geo), Lundin Golds Vice-President
Exploration, are each a "Qualified Person" within the meaning of this term in NI 43-101 and have
each prepared sections of this AIF that are of a scientific or technical nature pertaining to the
Companys Fruta del Norte Project and have each verified the data disclosed therein. To the
knowledge of Lundin Gold, Anthony George is the registered or beneficial owner, directly or
indirectly, of less than one percent of the outstanding Shares. To the knowledge of Lundin Gold,

Nicholas Teasdale is the registered or beneficial owner, directly or indirectly, of less than one
percent of the outstanding Shares.
RPA Inc. was retained to independently review and audit the Companys mineral resource
estimates in accordance with the requirements of NI 43-101. The FDN Report was prepared by
Luke Evans, M.Sc., P.Eng., David Ross, M.Sc., P. Geo. and Brenna Scholey, P. Eng. All of the
authors of the technical report are independent of Lundin Gold. To the knowledge of Lundin
Gold as of the date hereof, the partners, employees and consultants of RPA Inc., who
participated in the preparation of the FDN Report or who were in a position to influence the
outcome of such report and RPA Inc. are the registered or beneficial owner, directly or indirectly,
of less than one percent of the outstanding Shares.
Mr. Tony Lipiec, P.Eng., Principal Metallurgical Engineer with Amec Foster Wheeler Americas
Limited and a Qualified Person under National Instrument 43-101, supervised the preparation of
the metallurgical information contained in this AIF. To the knowledge of Lundin Gold, Tony Lipiec
is the registered or beneficial owner, directly or indirectly, of less than one percent of the
outstanding Shares.
Additional Information
Additional information regarding the Company is available on the SEDAR website at

www.sedar.com. Further information concerning the Company, including directors' and officers'
remuneration and indebtedness, principal holders of the Company's securities, options to
purchase securities and interests of insiders in material transactions, where applicable, will be
contained in the information circular for the Annual General Meeting of Shareholders to be held
on June 23, 2016. Additional financial information is provided in the 2015 Financial Statements
and the 2015 MD&A.
A copy of this AIF, as well as the Companys information circular and such other information and
documentation that the Company makes available via SEDAR, can be found at www.sedar.com.
In addition, certain of this information will be distributed to Shareholders in connection with
Lundin Golds Annual General Meeting of Shareholders. The Company will provide any of the
foregoing documents subject to its rights to require people who are not security holders of the
Company to pay a reasonable charge. Copies of these documents may be obtained by writing to
the Corporate Secretary at:
Lundin Gold Inc.
2000-885 West Georgia Street
Vancouver, BC, Canada V6C 3E8
+1 604 689-7842 Main
+1 604 689-4250 Fax
Email: info@lundingold.com
Schedule A
(the Corporation)
CHARTER OF THE AUDIT COMMITTEE
1. Purpose of the Audit Committee

The Audit Committee oversees the accounting and financial reporting processes of the
Corporation and its subsidiaries and all audits and external reviews of the financial statements
of the Corporation on behalf of the Board, and has general responsibility for oversight of internal
controls, accounting and auditing activities of the Corporation and its subsidiaries.
2. Members of the Audit Committee

2.1. The Audit Committee shall be appointed annually by the Board and shall be composed
of three members, each of whom must be a director of the Corporation.
2.2. Each member of the Audit Committee shall hold office as such until the next annual
meeting of shareholders after his or her appointment, provided that any member of the Audit
Committee may be removed or replaced at any time by the Board and shall at any time cease to
be a member of the Audit Committee on ceasing to be a director.
2.3. From this date forward, every Audit Committee member must be independent, within
the meaning of National Instrument 52-110 (NI 52-110).
2.4. Every Audit Committee member must be financially literate, within the meaning of NI
52-110.
3. Meeting Requirements
3.1. The times of and the places where meetings of the Audit Committee will be held and the
calling of and the procedure at those meetings shall be determined from time to time by the
Audit Committee, but in any event, the Audit Committee will meet on a regular basis at least
once every quarter; provided that notice of every such meeting shall be given to the Auditor (as
defined in paragraph 4.1.1 below) of the Corporation and that meetings shall be convened
whenever requested by the Auditor or any member of the Audit Committee in accordance with
the Canada Business Corporations Act.
3.2. Two members of the Audit Committee shall constitute a quorum.
4. Duties and Responsibilities

4.1. Appointment, Oversight and Compensation of Auditor
4.1.1. The Audit Committee shall recommend to the Board:
a) the auditor (the Auditor) to be nominated for the purpose of preparing or issuing
an auditors report or performing other audit, review or attest services for the
Corporation; and
b) the compensation of the Auditor.
i
In making such recommendations, the Audit Committee shall evaluate the Auditors
performance and review the Auditors fees for the preceding year.
4.1.2. The Auditor shall report directly to the Audit Committee.
4.1.3. The Audit Committee shall be directly responsible for overseeing the work of the
Auditor, including the resolution of disagreements between management and the Auditor
regarding financial reporting.
4.1.4. The Audit Committee shall review information, including written statements from the
Auditor, concerning any relationships between the Auditor and the Corporation or any other
relationships that may adversely affect the independence of the Auditor and assess the
independence of the Auditor.
4.2. Non-Audit Services

4.2.1. All auditing services and non-audit services provided to the Corporation or the
Corporations subsidiaries by the Auditor shall, to the extent and in the manner required by
applicable law or regulation, be pre-approved by the Audit Committee. In no circumstances
shall the Auditor provide any non-audit services to the Corporation that are prohibited by
applicable law or regulation.
4.3. Review of Financial Statements etc.

4.3.1. The Audit Committee shall review the Corporations:
a) interim and annual financial statements and Managements Discussion and
Analysis (MD&A), intended for circulation among shareholders; and
b) Annual Information Form only to the extent that it contains financial information or
projections,
and shall report on them to the Board.
4.3.2. The Audit Committee shall satisfy itself that the audited financial statements and
interim financial statements present fairly the financial position and results of operations in
accordance with generally accepted accounting principles and that the auditors have no
reservations about such statements.
4.3.3. The Audit Committee shall review changes in the accounting policies of the
Corporation and accounting and financial reporting proposals that are provided by the Auditor
that may have a significant impact on the Corporations financial reports, and report on them
to the Board.
4.4. Review of Public Disclosure of Financial Information

4.4.1. The Audit Committee shall review the Corporations annual and interim press
releases relating to financial results and any earnings guidance (provided by the Corporation)
before the Corporation publicly discloses this information.
4.4.2. The Audit Committee must be satisfied that adequate procedures are in place for the
review of the Corporations public disclosure of financial information extracted or derived from
the Corporations financial statements, other than the public disclosure referred to in
subsection 4.4.1, and must periodically assess the adequacy of those procedures.
ii
4.5. Review of Annual Audit
4.5.1. The Audit Committee shall review the nature and scope of the annual audit, and
the results of the annual audit examination by the Auditor, including any reports of the Auditor
prepared in connection with the annual audit.
4.5.2. The Audit Committee shall satisfy itself that there are no unresolved issues
between management and the Auditor that could affect the audited financial statements.
4.5.3. The Audit Committee shall satisfy itself that, where there are unsettled issues
that do not affect the audited financial statements (e.g. disagreements regarding correction of
internal control weaknesses, or the application of accounting principles to proposed
transactions), there is an agreed course of action leading to the resolution of these matters.
4.5.4. The Audit Committee shall satisfy itself that there is generally a good working
relationship between management and the Auditor.
4.6. Review of Quarterly Review Engagements

4.6.1. The Audit Committee shall review the nature and scope of any review
engagements for interim financial statements, and the results of such review engagements
by the Auditor, including any reports of the Auditor prepared in connection with such review
engagements.
4.6.2. The Audit Committee shall satisfy itself that there are no unresolved issues
between management and the Auditor that could affect any interim financial statements.
4.6.3. The Audit Committee shall satisfy itself that, where there are unsettled issues
that do not affect any interim financial statements (e.g. disagreements regarding correction of
internal control weaknesses, or the application of accounting principles to proposed
transactions), there is an agreed course of action leading to the resolution of these matters.
4.7. Internal Controls

4.7.1. The Audit Committee shall have responsibility for oversight of management
reporting and internal control for the Corporation and its subsidiaries.
4.7.2. The Audit Committee shall satisfy itself that there are adequate procedures for
review of interim statements and other financial information prior to distribution to
shareholders.
4.8. Complaints and Concerns

4.8.1. The Audit Committee shall establish procedures for:
a) the receipt, retention and treatment of complaints received by the Corporation
regarding accounting, internal accounting controls, or auditing matters; and
b) the confidential, anonymous submission by employees of the Corporation of
concerns regarding questionable accounting or auditing matters.
4.9. Hiring Practices

4.9.1. The Audit Committee shall review and approve the Corporations hiring policies
regarding partners, employees and former partners and employees of the present and former
Auditors of the Corporation.
iii
4.10. Other Matters
4.10.1. The Audit Committee shall be responsible for oversight of the effectiveness of
managements interaction with and responsiveness to the Board;
4.10.2. The Audit Committee shall review and monitor all related party transactions
which may be entered into by the Corporation.
4.10.3. The Audit Committee shall approve, or disapprove, material contracts where the
Board determines it has a conflict.
4.10.4. The Audit Committee shall satisfy itself that management has put into place
procedures that facilitate compliance with the provisions of applicable securities laws and
regulations relating to insider trading, continuous disclosure and financial reporting.
4.10.5. The Audit Committee shall oversee and annually review the Corporations Code
of Business Conduct and Ethics, and review and recommend to the Board the members of the
Disclosure Committee from time to time and where a vacancy occurs at any time in the
membership of the Disclosure Committee.
4.10.6. The Audit Committee shall periodically review the adequacy of this Charter and
recommend any changes to the Board.
4.10.7. The Board may refer to the Audit Committee such matters and questions relating
to the financial position of the Corporation and its affiliates as the Board from time to time may
see fit.
5. Rights and Authority of the Audit Committee and the Members Thereof
5.1. The Audit Committee has the authority:
a) To engage independent counsel and other advisors as it determines necessary to
carry out its duties;
b) To set and require the Corporation to pay the compensation for any advisors
employed by the Audit Committee; and
c) To communicate directly with the Auditor and, if applicable, the Corporations
internal auditor.
5.2. The members of the Audit Committee shall have the right, for the purpose of performing
their duties, to inspect all the books and records of the Corporation and its affiliates and to
discuss those accounts and records and any matters relating to the financial position of the
Corporation with the officers and Auditor of the Corporation and its affiliates, and any member of
the Audit Committee may require the Auditor to attend any or every meeting of the Audit
Committee.
6. Miscellaneous
Nothing contained in this Charter is intended to extend applicable standards of liability under
statutory or regulatory requirements for the directors of the Corporation or members of the Audit
Committee. The purposes, responsibilities, duties and authorities outlined in this Charter are
meant to serve as guidelines rather than as inflexible rules and the Committee is encouraged to
iv
adopt such additional procedures and standards as it deems necessary from time to time to
fulfill its responsibilities.

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Lundin Gold Inc.

2015 Annual Information Form

Financial information is presented in accordance with International Financial Reporting

Caution about forward-looking information

Forward-looking statements in this AIF:

2015 ANNUAL INFORMATION FORM 1

2015 ANNUAL INFORMATION FORM 3

Corporate Headquarters Regional Head Office

7 employees employed by Lundin Gold internationally; and

2015 ANNUAL INFORMATION FORM 4

The Companys Structure

2015 ANNUAL INFORMATION FORM 5

Aurelian Resources 0.125%

99.875% AurelianEcuador Holding S.A.

100% Ecoaurelian Agricola S.A. 0.125%

Fruta del Norte Project

Developments over the Last Three Years

The Acquisition was approved by Shareholders at a special meeting of Shareholders held in

2015 ANNUAL INFORMATION FORM 7

2015 ANNUAL INFORMATION FORM 8

2015 ANNUAL INFORMATION FORM 9

Gold Industry Overview1

The graph below depicts gold demand from 2005 to 2015:

2015 ANNUAL INFORMATION FORM 11

Markets and Outlook

2015 ANNUAL INFORMATION FORM 12

i) Initial Exploration (48 months);

Lundin Golds Mining Terms

2015 ANNUAL INFORMATION FORM 14

The key terms of the Definitive EA are as follows:

2015 ANNUAL INFORMATION FORM 15

Applicable Payment or Tax Description

Profit sharing payments are a deductible expense for

2015 ANNUAL INFORMATION FORM 16

VAT paid by the Company after January 1, 2018 will be

VAT paid on acquisitions of goods and services that has not

2015 Tax Amendments

The Fruta del Norte Project

Property Description and Location

2015 ANNUAL INFORMATION FORM 18

Accessibility, Climate, Infrastructure and Physiography

2015 ANNUAL INFORMATION FORM 20

2015 ANNUAL INFORMATION FORM 21

2015 ANNUAL INFORMATION FORM 22

2015 ANNUAL INFORMATION FORM 23

2015 ANNUAL INFORMATION FORM 24

2015 ANNUAL INFORMATION FORM 25

Metallurgical Sampling Programs

RPA Comments on Drilling Programs

Sample Preparation, Analyses and Security

Sampling Method and Approach

the right hand side of the core was always sampled;

Sample preparation: ALS Chemex Quito - Hole CP-06-57 to End of 2014

2015 ANNUAL INFORMATION FORM 28

ALS Chemex Vancouver - Hole CP-06-49 to CP-06-53 (Upper Part)

Inspectorate Lima - Holes CP-06-53 (Lower Part) to CP-06-56

ALS Chemex Vancouver - Holes CP-06-57 to CP-06-92

2015 ANNUAL INFORMATION FORM 29

ALS Chemex Lima Holes CP-09-237 to 2014

Bulk Density Measurements

Quality Assurance and Quality Control

2015 ANNUAL INFORMATION FORM 30

2015 ANNUAL INFORMATION FORM 31

Umpire Analysis Check Assays